Singapore Airlines obtains $13 billion rescue package amid coronavirus shock
SINGAPORE (Reuters) - State investor Temasek Holdings and others put together a funding package of up to S$19 billion ($13.27 billion) for Singapore Airlines (SIA) (SIAL.SI) in the single biggest rescue for an airline slammed by the coronavirus pandemic.
The massive financing plan, which drove SIA shares down as much as 10.5% on Friday, underscores the depth of financial trouble for the global airline industry, with nearly one-third of the world’s aircraft already grounded because of the pandemic, according to data provider Cirium.