China Eastern said it would now receive Rmb7bn through a private placement of Hong Kong and Shanghai-listed shares to its wholly-state-owned parent company in order to help it survive a downturn in passenger demand and massive hedging losses.
The company said the government bail-out would improve its financial position substantially, reducing its net debt to asset ratio from 98.49 per cent to 90.13 per cent.
China Eastern and its state-controlled competitor China Southern Airlines announced in early December they would receive Rmb3bn each from their state-owned parents.
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