Cathay Pacific Airways was founded in 1946. It offers passenger and cargo services. Based in Hong Kong, the carrier has been one of the airlines hardest hit by the coronavirus pandemic, which has caused the grounding of most of its aircraft due to a near-total collapse in demand for air travel. Cathay Pacific was forced to axe thousands of jobs, reduce its routes and adopt other cost-cutting measures as part of a "structural change" to protect itself until it can resume regular flights.