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Cathay Pacific Signs Agreement with Airbus to Defer Aircraft Deliveries, Boeing Negotiations Continues

July 22, 2020 / Haneesa Begum
SHARESHARESHARE

As a cash preservation measure, Hong Kong’s Cathay Pacific revealed today that it had signed an agreement with Airbus to defer deliveries of its A350-900s, A350-1000s, and A321neos. The airline is in advanced negotiations to delay the order of its Boeing 777-9s as well.
In its official prospectus sent to Simple Flying, the delayed deliveries are expected to “produce cash savings to the Cathay Pacific Group in the short to medium term.”
The prospectus is for the airline’s Rights Issue for $1.5bn with the Hong Kong Stock Exchange. This comes after the Hong Kong government approved a recapitalization plan for the airline, to help raise a total of $5bn in funds.