CX have just raised US$650 million and more would certainly follow if a sustained recovery was becoming clearly visible. However, the investors won’t put up money just to maintain the status quo and would want to see a survival plan in place which would have to include reducing the present cash burn and restructuring into a entity which would be profitable in the post COVID era.
This would almost certainly involve a reduction in the workforce and a downsizing of the network. In September last year SQ laid off staff, and the fleet going forward has shifted to operating smaller types with the B737, B787 and A350 being the workhorses. The B777 and A380 are mostly grounded with only 2/3 of the A380s planned to return. New B777 orders are in place, but these are only for delivery beyond 2025/6.
There is a great deal of similarity between CX and SQ so it’s likely that CX will follow SQ’s lead.