Cathay Pacific Airways said today, there will be another round of executive pay cuts and a second voluntary special leave scheme for employees, in addtion to its recapitalization proposal. In the long-term the airline said it will re-evaluate all aspects of the Cathay Pacific Group business model to meet the air travel needs of Hong Kong, while keeping Cathay Pacific’s financial status at a healthy level and meeting its responsibilities to shareholders, an annoucement said. By the fourth quarter, Cathay Pacific’s management will recommend to the board the optimum size and shape of the Cathay Pacific Group to meet the air travel needs of Hong Kong, while keeping Cathay Pacific’s financial status at a healthy level and meeting its responsibilities to shareholders. Inevitably this will involve rationalization of future planned capacity compared to the pre-crisis plans, taking into account the market outlook and cost structure at that time, the airline said.

Source: The Standard June 09, 2020 05:37 UTC