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Singapore Airlines bags USD7 billion in liquidity boost
Singapore Airlines has increased its liquidity to the tune of S$10 billion (US$7.2 billion).
After securing S$8.8 billion in a rights issue, it bagged a further S$1.4 billion in credit to help weather the Covid-19 storm.
It said it raised S$900 million through loans on some of its aircraft and a short term unsecured loan of S$500 million.
"We are grateful for the strong support of our shareholders for our successful rights issue, which has secured the company’s future amid an unprecedented global health and economic crisis," SIA CEO Goh Choon Phong said.
It will continue exploring ways to ‘shore up liquidity as necessary.’
The airline recently announced it is resuming flights to 27 cities in June and July including Amsterdam, Barcelona, Christchurch, Hong Kong, Melbourne and Osaka.
"SIA and SilkAir will continue to adjust our capacity to match the demand for international air travel," it said.
SIA Group has also unveiled new health and safety measures including an in-flight ‘care kit’, and modified meal service to minimise contact between passengers and cabin crew.
Care kits comprise a surgical mask, anti-bacterial hand wipes and a hand sanitiser.
In addition SIA is ditching the buffet in its airport lounges.
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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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