The following account is based on conversations with those involved in bringing the rescue plan to fruition. The people asked not to be identified so they could speak freely about how the bailout came together. Cathay, its top shareholders and the governments involved either wouldn't elaborate beyond their public statements or didn't comment.
As Cathay's troubles mounted, speculation grew that Swire - one of the last remaining British trading companies based in Hong Kong - might sell its stake to Air China, which already owns almost 30 per cent of the airline. Both shareholders were active in the talks to ensure their holdings weren't diluted.
With the spread of Covid-19, video calls were becoming widely used in deal-making. Cathay and its advisers used Zoom and other teleconferencing programmes during negotiations, along with the more traditional approach of conference calls and face-to-face meetings at various corporate offices around Hong Kong.
"As a long-term shareholder, we have strong commitment to Cathay Pacific, and have full confidence in its long-term future," Swire said. Cathay itself said it may access equity and debt capital markets again to strengthen its balance sheet if conditions are right.
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