SIA this week slashed its scheduled capacity by 96%, grounding all but nine of the 147 SIA and SilkAir aircraft. Meanwhile, only two of the 49 aircraft under the group’s low-cost carrier Scoot will remain in the air.
SINGAPORE (Mar 26): Singapore Airlines (SIA) has announced it is undertaking a renounceable rights issue of new shares in the company and mandatory convertible bonds (MCB) to raise up to $15 billion. Coming just a minute before midnight on March 26, the timing of the announcement could not be more symbolic.
In some ways, the move could be seen as a last-ditch effort to rescue SIA from crumbling, amid the Covid-19 pandemic that has led to the near-cessation of international air travel.
