Singapore Airlines is set to receive a rescue package worth S$19 billion amid the coronavirus pandemic.
DBS Bank has agreed to give the carrier a bridge loan of S$4 billion through the Covid-19 crisis, which saw the airline cut scheduled capacity by 96% on 23 March.
Reuters has also reported that Signapore Airline’s largest shareholder, Temasek Holdings, said it would underwrite the sale of shares and convertible bonds for up to S$15 billion.
This adds up to S$19 billion – more than £10 billion – to help the carrier weather the coronavirus storm.
“Since the onset of the Covid-19 outbreak, passenger demand has fallen precipitously amid an unprecedented closure of borders worldwide,” said Peter Seah, chairman of Singapore Airlines.
“We moved quickly to cut capacity and implement cost-cutting measures.”