Hong Kong government to bail out Cathay Pacific, first ever time the HK Govt has directly injected money into a private Company

From the WSJ- 

Hong Kong government to bail out Cathay Pacific with HK$30 billion in loan and direct stake

June 9 (South China Morning Post) -- Restructuring package worth HK$40 billion to city's flagship carrier, with Hong Kong government contributing lion's share of bailout Government's financial backing shows full support for city's status as a regional aviation hub

Cathay Pacific will undergo a HK$40 billion (US$5.2 billion) capital restructuring exercise as the Hong Kong government takes the lead in a bailout package worth nearly HK$30 billion in loans and an undisclosed stake, lending its full backing for the city to remain the region's aviation hub.

It is the first time the government has directly injected money into a private company.

Hong Kong's flag carrier will issue new shares as part of the plan which will see the authorities taking up two "observer" boardroom seats in an unprecedented shake-up that will empower it to have a direct say in how the airline is run, sources have told the Post.

Emerging as a "white knight", the government will offer a loan to be paid back in the future and, more controversially, it will take a stake in the airline without seeking full boardroom status. Instead, it will have the "two observers" on the board, industry sources revealed.

Trading was suspended on Tuesday morning while the city's leader, Carrie Lam Cheng Yuet-ngor, met with the Executive Council, her de facto cabinet, to get final approval of a package that is expected to be announced later on Tuesday.

Could we see a similar situation in other countries? What is the implication for creditors to Cathay, e.g Aircraft lessors, bond investors in Airline paper. I presume its a positive. Not clear if Govt becomes a super senior creditor of sorts.