Following a cut in capacity amid the Coronavirus (COVID-19) outbreak, Singapore Airlines has secured up to SGD $19 billion (USD $13 billion) in funding to continue operations.
The funds includes SGD $5.3 billion (USD $3.72 billion) in equity and up to SGD $9.7 billion (USD $6.8 billion) in convertible bonds underwritten by the airline's majority stakeholder (55% stake) Temasek Holdings.
In addition to the equity and bonds, the airline also has SGD $4 billion (USD $2.8 billion) in loans from DBS Group Holdings Ltd to support near-term liquidity requirements.
"This is an exceptional time for the SIA Group," SIA Chairman Peter Seah said in a statement late on Thursday.
The aid package is the largest to an airline within the industry, which has seen airlines such as Singapore Airlines cut a majority of its flights. According to several reports the airline has cut 96% of its capacity network wide.