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China Southern receives USD220 million government cash injection

23-Feb-2010 8:52 AM

China Southern Airlines stated (22-Feb-2010) it would receive CNY1.5 billion (USD220 million) from the Ministry of Finance, through its controlling shareholder, China Southern Air Holding Company (CSAHC). The funds were granted to "support the principal aviation business development of the Company". China Southern Airlines and CSAHC are currently "considering various arrangements to use the funds to reduce the airline’s debt ratio". The company shares will be suspended from 23-Feb-2010 pending further announcements.[more]