STW and NC are right. The investments made by various parties in the new airport infrastructure make the last and future CX government bailouts look like peanuts. The new runway alone is costing $142 billion HKD.
Bondholders and the market don't seem too worried. Cathay was recently able to issue bonds yielding a ridiculously low 4.875% (for a company that has no short term revenue prospects), and can issue more if it needs to. It can also issue more shares, and it can also ask the government for more money.
Based on it's current cash position it can keep paying all its obligations for another three years with practically zero revenue.