HONG KONG -- Shareholders of Cathay Pacific Airways have overwhelmingly approved a government-led $5 billion bailout of the airline, but the carrier still faces strong headwinds with its operating base of Hong Kong facing a resurgence of COVID-19 cases.
The package of equity and debt support worth 39 billion Hong Kong dollars from the city's government and the carrier's major shareholders will provide a breather for the ailing airline. Cathay has been hit hard by the coronavirus pandemic on the heels of months of antigovernment protests in Hong Kong last year.
