Shanghai Airlines gets funding boost
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Shanghai Airlines has won CNY10 billion (US$1.5 billion) of credit from Bank of Communications Co. and Agricultural Bank of China to help finance aircraft purchases.
According to a Bloomberg report, the investment adds to the CNY8 billion credit line received from the Bank of China last week, to help the struggling carrier. The carrier has cut management salaries and plans to delay plane deliveries this year as slowing economic growth hits travel demand, the report said.
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