Its parent company received assurances from the Hong Kong government and other stakeholders that it would hold on to most of the regional carrier’s traffic rights before making the move to shut it down, multiple sources told the Post.

“It’s not that difficult. Of course, it would be done after completing due process,” one government source said.

“The management has done a lot of reaching out and engagement. They had to sound out the stakeholders, and the board and shareholders had to approve it. You can see all the preparation work that had to be done so they could make sure [the rights] could be obtained,” a source close to the Cathay Pacific Airways board said.

“But obviously, at the end of the day, you still have to go through the process.”

But a government insider who spoke to the Post did not think Wong’s airline stood much of a chance.

“I don’t see anyone, including the central government, that would really favour Bill Wong,” the source said.