BEIJING: Hong Kong Airlines Ltd. averted becoming the first carrier to collapse in the city in more than a decade after the local licensing authority said it won’t take further action against the embattled company on certain conditions.
To keep its license, the airline must ensure it has a cash injection at a level determined by Air Transport Licensing Authority, known as ATLA, or provide an alternative to the satisfaction of the regulator by a stipulated deadline, the agency said Saturday in a statement. The company also needs to raise and maintain its cash and cash equivalent level as required by the authority.