Hong Kong based Cathay Pacific was planning on growth of 3.1% in 2020 but has already cut that to zero. Yesterday an internal memo revealed a further 1.4% cut in revenue was forecast.
As a result more staff and aircraft will be cut during the year with routes either reduced in frequency or shuttered.
Aircraft retirements will continue without replacement as new orders will be deferred until things improve.
Meanwhile Hainan Airlines – owned by the labyrinthine HNA Group, has allegedly received a loan of $538m USD. It’s possible but not yet confirmed, it may use some or all of the money to prop up Hong Kong Airlines who have until Saturday to refinance, or be shut down by the Hong Kong authorities.