In his statement, signed off on August 6, Mr Lake said: “Aviation faces an uncertain future, with what could be a longer term travel freeze and the risks of a slow recovery. Orient . . . is undertaking significant measures internally to preserve cash and liquidity, as well as operational efficiency and cost savings.”
He highlighted the group’s “good mix” of business activities, “substantial” cash balance, “unencumbered” aircraft and no debt refinancings due, while talks were taking place with lenders “who recognise our strength of balance sheet and business model”.
But auditor John Taheny, of accountancy firm Bissel & Brown, said Mr Lake’s confident outlook had assumed a phased increase in bookings and flights after August. The potential for further disruption due to Covid-19 meant there was a “material uncertainty which may cast significant doubt about the group’s ability to continue as a going concern”, Mr Taheny added.
https://www.pressandjournal.co.uk/fp...to-fly-higher/