Cathay Pacific Airways and its major shareholders Swire Pacific and Air China suspend trading in their shares in Hong Kong pending announcements via Jamie_Freed
Cathay’s management team on Friday met with the leaders of pilot unions at Cathay Pacific and its regional arm Cathay Dragon to brief them on condition of confidentiality ahead of an announcement expected on Tuesday, three sources with knowledge of the matter told Reuters.
A fourth person said Hong Kong’s Cathay was poised to announce a new chief executive at Dragon along with some other senior management changes. The sources declined to be identified because they were not authorised to speak with media.Cathay has grounded most of its planes because of falling demand amid coronavirus-related travel curbs, flying only cargo and a skeleton passenger network to major destinations such as Beijing, Los Angeles, Singapore, Sydney, Tokyo and Vancouver.
The airline last month said it made an unaudited loss of HK$4.5 billion at its full-service airlines over January-April and flagged a “very bleak” outlook.
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