Shanghai Airlines wins government bail-out
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Shanghai Airlines has received a CNY1 billion (US$146 million) boost from the local government, according to a Bloomberg report. Jinjiang International Holdings Co., owned by the Shanghai government, will use the money to buy new shares in the carrier. The money will help reduce the airline’s debt-to-equity ratio to 85.45% from 91.35%, Shanghai Airlines was reported saying in a statement to the Shanghai stock exchange.
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