HKEX announcement is up...
* Hong Kong Dragon Airlines Limited (“Cathay Dragon”), a wholly-owned subsidiary of the
Company, will cease its operations with effect from today. It is intended that regulatory
approval will be sought for a majority of Cathay Dragon’s routes to be operated by the
Company and Hong Kong Express Airways Limited, a wholly-owned subsidiary of the
Company.
* Approximately 8,500 positions across the Cathay Pacific Group (including Cathay Dragon)
will be eliminated, which accounts for around 24% of the Cathay Pacific Group’s
established headcount of 35,000. Of these 8,500 positions, approximately 5,300 Hong
Kong-based employees will be made redundant in the coming weeks, with approximately
600 employees based outside of Hong Kong possibly being affected subject to local
regulatory requirements. The remaining 2,600 positions to be eliminated are currently
unfilled, owing to cost reduction initiatives in recent months including a hiring freeze and
the closure of certain overseas bases.
* Hong Kong-based cabin and cockpit crew of Cathay Pacific Airways Limited will be asked
to agree to changes in their conditions of service which are designed, inter alia, to match
remuneration more closely to productivity and to enhance market competitiveness.Company expects to be operating at well below 25% capacity in the first half of 2021, but
expects to see a gradual recovery in capacity in the second half of the year.
https://www1.hkexnews.hk/listedco/li...0102100213.pdf