Cathay Pacific shares plunge after airline announces $1.15b bond sale to stem cash crisis

Shares in Hong Kong's marquee carrier Cathay Pacific plunged on Thursday after the struggling airline unveiled a HK$6.7b (S$1.15b) bond sale to try to stem its rampant cash burn. The firm tumbled as much as 9%, days after it warned new quarantine measures planned for passenger and cargo crew arriving in Hong Kong would further hurt its finances. Cathay Pacific said on Thursday that it would offer five-year bonds maturing in February 2026 that could also be converted into shares at a 30% premium above the previous day's close.<br/>