Issued on 21 Oct 21
CX Cathay Pacific Restructuring Plan
(1) Cuts (including Cathay Dragon) overall number of jobs by approximately 8,500
(2) Cathay Dragon will cease operations today and CX intends to seek regulatory approval from the company and its wholly-owned subsidiary, Hong Kong Express Airways Co., Ltd. to operate most of Cathay Dragon’s routes.
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Cathay Pacific says it still loses HK$1.5 billion to 2 billion in cash every month. It is expected that this reorganization will reduce the Group's monthly cash expenditure by approximately HK$500 million in 2021.
The restructuring cost is approximately HK$2.2 billion.