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China Eastern gets $820m loan from group
(Agencies)
Updated: 2009-01-16 10:50 ![]() Sorry, the page you requested was not found.Please check the URL for proper spelling and capitalization. If you're having trouble locating a destination on Chinadaily.com.cn, try visiting the Chinadaily home pageCopyright 1995 -
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![]() ![]() SHANGHAI -- China Eastern Airlines said on Friday that it had obtained a short-term loan of 5.6 billion yuan (US$820 million) from its parent group to boost its working capital.
China Eastern may ask to extend the loan 15 days before it matures, the airline added. Earlier this week, China Eastern estimated it would post a large loss for 2008 because of slumping traffic and losses on fuel price hedging contracts. Last month it announced it would receive a 7 billion yuan capital injection from the government in exchange for a placement of shares to its state-owned parent group, and it has been taking a range of steps to strengthen its finances, such as trying to sell a stake in its regional unit Happy Air Co. Company sources said on Thursday that it would aim for zero capacity growth this year and might cancel, delay or sell all new planes to be delivered in 2009. Partly because of such steps, China Eastern's Shanghai-listed A shares jumped their 10 percent daily limit on Thursday. ![]() Sorry, the page you requested was not found.Please check the URL for proper spelling and capitalization. If you're having trouble locating a destination on Chinadaily.com.cn, try visiting the Chinadaily home pageCopyright 1995 -
. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
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