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Transportation: Shanghai Airlines may get cash injection

By Bao Wanxian (China Daily)
Updated: 2008-12-05 17:25

The State-owned Assets Supervision and Administration Commission of Shanghai is considering injecting cash into Shanghai Airlines to help the local carrier weather the current industry downturn, the 21st Century Business Herald reported Friday.

The Chinese newspaper quoted an unnamed industry insider as saying that the cash injection could pave the way for a possible merger between Shanghai Airlines and China Eastern Airlines.

China Eastern is reportedly in the process of getting a government bailout. Media reports say it is also likely to get a 3-billion-yuan ($438 million) infusion after Guangzhou-based China Southern Airlines received 3 billion yuan from the Ministry of Finance at the end of last month.

Shanghai Airlines suffered a 414-million-yuan loss in the year's first three quarters. It also lost 98 million yuan in jet fuel hedging contracts by the end of October.