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China Eastern may seek further govt assistance
By Yang Zhen (chinadaily.com.cn)
Updated: 2008-12-25 12:44 China Eastern Airlines, the country's third largest carrier, said on Dec 24 that it would seek an adjustment to the government's 3 billion yuan ($438 million) capital infusion plan.
China Eastern said on Dec 10 that it would issue both domestic A-shares and Hong Kong's H-shares to its parent company to obtain the government-injected 3 billion yuan. The parent company, China Eastern Air Holding Co, "intends to make material adjustments to the subscription plan," the airline said in a statement to the Hong Kong stock exchange on Dec 24. Trading of the company's A-shares is suspended today, and will resume on Dec 30. Meanwhile, China Eastern secured a 10 billion yuan credit from Bank of Communications on Dec 24. The carrier has been struggling with mounting debts and declining travel demands due to the economic slowdown. It recorded a 2.33 billion yuan loss in the first three quarters of 2008, and its debt-to-asset ratio hit 98.49 percent at the end of September this year. The first round of the 3 billion yuan government cash injection would reduce the carrier's debt-to-asset ratio by 3.77 percentage points to 94.72 percent, said Luo Zhuping, board secretary of China Eastern. (For more biz stories, please visit Industries)
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