InfoAnda - China Eastern Airlines bailout swells to $1 bln

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China Eastern Airlines bailout swells to $1 bln AP - 1 hour 41 minutes ago SHANGHAI, China - China Eastern Airlines plans to raise 7 billion yuan ($1 billion) from selling shares to its state-owned parent company _ more than double the amount originally planned _ to help it weather a financial crisis. The Shanghai-based carrier's shares, which had been suspended pending an announcement late Monday, fell 3.7 percent Tuesday to 4.49 yuan. The airline earlier said it would receive a 3 billion yuan ($440 million) capital injection from its parent company, China Eastern Air Holding Co. The sale of 1.44 billion Shanghai-traded shares and 1.44 billion Hong Kong-traded shares in the carrier will more than double the size of the bailout. The money raised will be used to increase the company's cash balances. "The outlook for China's aviation industry due to the global recession is grim, and the company's operations and finances are under tremendous pressure," the airline said in a statement. The Shanghai shares will be sold at a 16.95 percent discount to their last traded price before the suspension, or 3.87 yuan a share, the airline said in notices to the Hong Kong Stock Exchange and Shanghai Stock Exchange. The Hong Kong shares will sell for 1.29 Hong Kong dollars per share _ a 12.1 percent discount. China Eastern reported a net loss of 2.34 billion yuan ($342 million) in the first nine months of the year. The airline said that its net cash flow of 1.66 billion yuan fell far short of the 12.8 billion yuan needed to repay its debts. The parent company's stake in the airline will rise to 74.64 percent from the current 59.67 percent, it said. Several major state-run airlines have received cash injections meant to tide them through the financial crisis. China Southern Airlines, which received 3 billion yuan, saw its shares rise 2.4 percent to 3.40 yuan on Tuesday. China Eastern has sought, so far unsuccessfully, to sell a strategic stake to help improve its finances and competitiveness. Most recently, state media reports have said the airline is due to be merged with local rival Shanghai Airlines, though the airline has denied those reports. State-owned carriers tallied losses of 4.2 billion yuan ($613 million) in January-October, and the government has urged them to cancel or defer aircraft purchases until market conditions improve. 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: China's Economy Thai economy slows in November: central bankAFP - 48 minutes ago China Eastern Airlines bailout swells to $1 blnAP - 1 hour 41 minutes ago SKorean bank: Ssangyong aid depends on China ownerAP - 1 hour 44 minutes ago Turkey's Sabanci sees end-2009 real economy pick-upReuters - 1 hour 55 minutes ago Related Articles: Business Airlines 'shrinking by all measures' - IATAReuters - 24 minutes ago Rosneft expects its '09 oil output to grow slightlyReuters - 28 minutes ago Gaza dominates Gulf leaders summitAP - 30 minutes ago World markets gain, led by higher energy stocksAP - 35 minutes ago Indian 10-yr bond yield falls to lowest since May '04Reuters - 36 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Obama economic plan to cost between 675 and 775 bln: aides Two thousand and strange: offbeat stories of the year Natural disasters 'killed over 220,000' in 2008 International community piles pressure on Israel View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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