SYDNEY, Oct 21 (Reuters) - Hong Kong's Cathay Pacific Airways Ltd 0293.HK stated on Wednesday it co
SYDNEY, Oct 21 (Reuters) – Hong Kong’s Cathay Pacific Airways Ltd 0293.HK stated on Wednesday it could minimize 5,900 jobs and finish its regional Cathay Dragon model because it grapples with a plunge in demand from the coronavirus pandemic.
The restructuring will price HK$2.2 billion ($283.9 million) and the airline may also search modifications in circumstances in its contracts with cabin crew and pilots, the airline instructed the inventory alternate.
General, it should minimize 8,500 positions, or 24% of its regular headcount, however that features 2,600 roles at present unfilled as a result of price discount initiatives, Cathay stated.
($1 = 7.7500 Hong Kong {dollars})
(Reporting by Jamie Freed; Modifying by Jacqueline Wong)
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