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Hong Kong Airlines says it has acquired enough funding to stave off closure
Cash strapped Hong Kong Airlines says it has secured an injection of funds to tide it over and will pay delayed salaries to staff members.
It comes after the HK government gave it a deadline this week to find more funds or risk being shut down.
From today it will start paying staff members which had salaries delayed.
Hong Kong’s Air Transport Licensing Authority had given the beleaguered airline a stark ultimatum after salaries were deferred for about half the workforce and more flight routes were cut.
The airline’s troubles started well before anti-government protests began in Hong Kong.
It has been facing financial difficulties for some time with main backer HNA Group struugling to service its multi-billion dollar debt pile.
HNA has been actively trying to offload HK Airlines and other China based airline brands it owns.
Hong Kong Airlines didn’t disclose how much extra funding it will receive but it will still need to satisfy the Air Transport Licensing Authority.
In October, mainland China arrivals to Hong Kong plunged by 46%.
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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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