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Singapore Airlines secures $13 bln lifeline

Video Credit: Reuters Studio - Duration: 01:14s - Published
Singapore Airlines secures $13 bln lifeline

Singapore Airlines secures $13 bln lifeline

Singapore Airlines has secured $13 bin in financial aid, marking the single biggest package agreed by any airline since the pandemic began.

Julian Satterthwaite reports.

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Singapore Airlines secures $13 bln lifeline

Singapore Airlines has secured a 13 billion dollar lifeline.

It's the single biggest financing package announced by any airline since the global pandemic began.

Almost three quarters of the money comes from the sale of shares and bonds underwritten by Singapore state fund Temasek.

The rest is a loan from Singapore's biggest bank, DBS Group.

It comes after the airline cut capacity by 96% and grounded almost all its planes.

And it's more money than that secured by some larger carriers.

Late Thursday (March 26) American Airlines said it was eligible for $12 billion in U.S. government aid.

That's part of the total $58 billion dollar loan and grant package that Washington has offered its carriers.

Payouts under that deal could begin within 10 days.

Any light at the end of the tunnel remains distant though.

New data Friday showed passenger traffic at major airport hubs in the Asia-Pacific down 80% on the year in the second week of March.

Meanwhile China has ordered drastic cuts in international flights in a bid to stop importing infections.



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Singapore Airlines secures $13 bin lifeline [Video]

Singapore Airlines secures $13 bin lifeline

Singapore Airlines has secured $13 bin in financial aid, marking the single biggest package agreed by any airline since the pandemic began. Julian Satterthwaite reports.

Credit: Reuters Studio     Duration: 01:09Published