MIAMI – New Zealand’s Deputy Prime Minister and Minister of Finance, Grant Robertson confirmed the participation of the Crown (the State) in the equity capital increase sought by Air New Zealand (NZ).
The confirmation of said participation came through a letter addressed to Dame Therese Walsh, NZ Chairwoman. The State, or Crown, has a majority stake of 52% in the airline capital.
The Airline as a National Valuable Asset
To preserve the value that NZ represents, both economically and socially, the Crown is ready to participate on conditions that the Cabinet is satisfied by the terms of the proposed equity capital increase for the Carrier.
In 2020 the Crown had already granted a loan of NZ900m – US$650m – to help NZ to overcome the COVID-19 crisis.
The Carrier is currently engaged in a deep exam of all its activities, infrastructures, costs, and money requirement.
The new financing is expected to range between NZ1bn to NZ1.5bn – approximately US$753m to US$1bn.
Featured image: Air New Zealand ZK-OKQ Boeing 777-319(ER). Photo: Luca Flores/Airways