Empty check-in counters; Changi Airport

Facing S$6.67 billion of debt due this month end, Singapore’s national carrier Singapore Airlines (SIA) is desperate to raise S$15 billion more debt by issuing shares.

In 2018, the Temasek Holdings-owned airline was sitting on S$3.13 billion of debt. A year later in 2019 March, the debt doubled to S$6.67 billion. Today SIA is seeking to increase this debt further to S$15 billion. This time, with backing from Singapore sovereign wealth fund company Temasek Holdings.

Temasek Holdings hold 55% of ownership of SIA, and the government stock exchange suspended trading on Friday to stop the shares from falling. SIA’s stock price has fallen 50% from the start of the year in January.

SIA reported that Singapore government bank DBS is loaning S$4 billion. The Singapore government also announced a bailout of S$750 million for the tourism industry, with SIA being the chief beneficiary of the tax-funded support.