Linklaters counselled Cathay Pacific on its HK$39 billion (US$5 billion) recapitalization proposal.
The transaction involved: a proposed issuance of preference shares and warrants to the Hong Kong government to raise about HK$19.5 billion; a proposed rights issue of ordinary shares to raise about HK$11.7 billion; and a proposed bridge loan facility of about HK$7.8 billion to be made available by the Hong Kong government.
The carrier’s two largest shareholders will see their stakes trimmed following the recapitalization, with Air China’s falling from 29.9% to 28%, and Swire Pacific’s from 30% to 28%. Qatar Airways’ shareholding will be cut from 9.9% to 9.3%.
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