HNA Group will be receiving the funds from several Chinese state-owned banks but there is no clue if the money will go to the embattled Hong Kong Airlines.
The carrier stated that it has already taken measures to remedy its financial predicament. One such example is that the company's senior executives have taken a 20% pay cut and asked employees to take unpaid leave for up to four days a month.
The company said that the city's ongoing protests have affected the city's economy, citing revenues of core industries including tourism, hospitality, catering, retailing, logistics, transport, and aviation all being significantly reduced
Cathay states that it is in active discussions about an acquisition involving HK Express, but "no agreement for the acquisition has been entered into."
The international carrier has reportedly been in preliminary talks with the conglomerate backer of these two smaller airlines, HNA Group Co, though no further statement or details have been revealed.
George Liu said 2 February was his last day at Hong Kong Airlines but hasn't revealed his next move.