Aiming to soar high again, Cebu Pacific said its P40.5-billion transactions were made as part of a broader “proactive and comprehensive crisis response” to recover and reshape the business for the new normal.
CEBU Pacific has raised a total of P40.5 billion in funds to sustain its operations and prepare for its recovery amid the Covid-19 pandemic.
The budget carrier closed a total of three major fundraising transactions which will help them in their recovery.
These three transactions include a P16-billion loan taken out from government financial institutions and private banks, P12.5 billion in convertible preferred shares, and P12 billion in convertible bonds.
Cebu Air Inc., the company running Cebu Pacific and Cebgo, disclosed to the Philippine Stock Exchange (PSE) that the transactions were made as part of a broader “proactive and comprehensive crisis response” to recover and reshape the business for the new normal.
“The airline remains highly vigilant of market and competitive changes and the dynamically evolving situation.
The airlines will evaluate appropriate further measures as it deems necessary to remain competitive given this most difficult operating environment,” Cebu Air said in its statement.
Cebu Pacific disclosed that it had a net loss of almost P7.3 billion in the first quarter of 2021, six times more than the P1.18 billion loss it sustained in the same period last year.
In 2020, it booked a net loss of P22.2 billion as the Covid-19 pandemic halted travel and caused a deluge of refunds. (MO)
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