About 5,300 employees based in
The company will also shut down Cathay Dragon, its regional airline unit, with operations ceasing from Wednesday. It will seek regulatory approval for most of the routes to be operated by
The restructuring is aimed at reducing Cathay Pacific’s cash burn to
“The global pandemic continues to have a devastating impact on aviation and the hard truth is we must fundamentally restructure the Group to survive,” Tang said.
“We have to do this to protect as many jobs as possible, and meet our responsibilities to the
The restructuring plan will cost about
Executive pay cuts will also continue throughout 2021 and there will be no pay increments for 2021 nor bonuses for this year for all
In June,
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