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Hong Kong Airlines given five days to find cash or face closure
The clock is ticking at beleaguered Hong Kong Airlines with its very future in the balance.
Hong Komg’s Air Transport Licensing Authority has given it a stark ultimatum – find more more cash by the end of this week or risk losing its licence.
The December 7 deadline comes after the airline said it would delay salaries for about half of its workforce and announced it would scrap its last long haul route to Vancouver.
Yet there could be a last minute reprieve for the airline.
Hong Kong Airlines’ main backer, Chinese conglomerate HNA Group has secured a $568 million restructuring deal for another of its airline businesses, West Air.
That could free up some funds for Hong Kong Airlines, although HNA Group’s own financial woes are well documented, with a debt pile of several billion dollars.
It has been trying to sell its stake in Hong Kong Airlines for around two years.
"After careful consideration of the financial position of HKA at present, ATLA must take immediate and resolute action to prevent further deterioration of its situation in order to protect public interests," the agency said.
"If HKA fails to improve its financial situation ATLA will take further action which provides for the revocation or suspension of the licence."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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