The Cathay Pacific Group has announced a corporate restructuring in response to the impact of the COVID-19 pandemic on the aviation industry. Because of a drastic drop in its traffic numbers caused by the pandemic Cathay will park 40% of its passenger fleet overseas and begin a corporate restructure. In order to stay afloat, Cathay is planning to cut a quarter of its worldwide workforce and Hong Kong-based cockpit and cabin crew members are being asked to accept pay cuts. Cathay Dragon, a subsidiary of the Cathay Pacific Group will immediately cease operations. After approval, Cathay Dragon routes will be operated by Cathay Pacific and HK Express.