Famous Champon Restaurant in Japan here

Monday, July 20, 2020

Cathay & Virgin Atlantic are ok for now

Virtually all of Cathay Pacific’s shareholders voted in approval of a plan to raise $5 billion, half of which will be raised through the sale of shares to the Hong Kong government. Thirty percent of the funds will be sourced from a rights issue. The next step for the company is to proceed with a restructuring, a process estimated to take two months.

Virgin Atlantic set forth the terms of a five-year business plan that will rebuild its balance sheet. Half of the $1.5-billion recapitalization comes courtesy of shareholders, with the other half sourced from investment by Virgin Group and deferrals of existing liabilities. The plan is expected to take effect during late summer.

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