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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: China Eastern Air says aid plan to be adjusted Reuters - 2 hours 39 minutes ago SHANGHAI, Dec 25 - China Eastern Airlines <0670.HK> <600115.SS> said on Thursday a plan to swap shares in exchange for cash from its parent would be significantly adjusted and its domestic A shares halted from trading in Shanghai until Dec. 30. The share placement was part of a 3 billion yuan ($439 million) aid package that the group had received from the government, as Chinese airlines grapple with a slowing economy. Rival China Southern Airlines <1055.HK> <600029.SS> also received a similar lifeline from the government. After years of robust growth, China's airlines are confronting a reversal of fortune, hit by intensifying competition, high oil prices and weakening passenger demand. Shanghai-based China Eastern <0670.HK>, the mainland's second-biggest air carrier by market value, said in a statement to the Shanghai Stock Exchange that parent China Eastern Air Holding Co intended to make material adjustments to the plan to subscribe for A shares in China Eastern, but gave no further details. The government may double its planned capital injection in China Eastern to 6 billion yuan, the China Business News reported on Thursday. Board Secretary Luo Zhuping could not be immediately reached for comment. "China Eastern is cash-strapped and has operational difficulties, so the planned cash injection would be crucial to the company's survival," said Ma Ying, analyst at Haitong Securities Co. "The difficult situation is the result of many factors, including bad market conditions and poor management." Total liabilities of China Eastern currently account for 95 percent of total assets, and the company posted a net loss of 2.3 billion in the first nine months of the year, heading for its second consecutive annual loss. China Eastern announced on Wednesday it had received a 10 billion yuan credit line from Bank of Communications <3328.HK> <601328.SS> to help ease operational difficulties. Speculation has also intensified about a merger of China Eastern and Shanghai Airlines <600591.SS>, with the official Shanghai Securities News reporting on Wednesday, citing unnamed sources, that a merger was expected to proceed soon, most likely after Shanghai Airlines received an injection of government aid. Slowing growth in China's air passenger traffic has increased speculation the government is encouraging restructuring in the industry. Earlier this year, China Eastern shareholders rejected a plan to sell a stake to Singapore Airlines <SIAL.SI>. The management of China Eastern had sought to sell a 24 percent stake to the Singapore carrier, but the Chinese airline's minority shareholders voted down the proposal in January. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific Sleep pods offer respite from HK's frantic pace of life, workAFP - 1 hour 16 minutes ago SCENARIOS-Australia builds Internet networkReuters - 1 hour 22 minutes ago China detains 59 over 'subversive rumours' in Tibet: state mediaAFP - 1 hour 37 minutes ago Vietnam's GDP grows 6.23 percent in 2008AP - 1 hour 45 minutes ago Japan considering sending warship to tackle pirates off SomaliaAFP - 1 hour 52 minutes ago Most Popular – Asia Pacific Viewed US sees no holiday cheer; Russia, China warn of grim 2009 French investor takes life after massive losses in Madoff scandal Housing market feels more pain, bottom not yet in sight Quake zone hero pig named China's animal of the year Actress Jennifer Aniston appears naked in GQ magazine View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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