HONG KONG -- Cathay Pacific Airways, Hong Kong's flagship carrier, said on Monday that it will operate at no more than half its pre-pandemic passenger service level through 2022, warning of gloomy prospects for a quick business recovery.
The group's update comes as management is working to finalize a restructuring plan based on assumptions of a smaller "optimum size and shape" for its future operations than previously forecast. Officials have been meeting with staff unions amid speculation about job and pay cuts that local media say could be unveiled as early as this week.
