HONG KONG: Shares in Hong Kong’s marquee carrier Cathay Pacific plunged on Thursday after the struggling airline unveiled a HK$6.7 billion bond sale to try to stem its rampant cash burn.
Cathay on Thursday said it would offer five-year convertible bonds maturing in February 2026 that could also be converted into shares at a 30% premium above the previous day’s close. It has been burning through cash at a rate of HK$1-1.5 billion a month but executives fear this will spike further if Hong Kong authorities make good on stricter quarantine controls for aircrew.
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