Air NZ Loan Confirmed, Now Back In State Ownership.
BUSINESS
TUESDAY, 16 OCTOBER 2001
B U S I N E S S S T O R Y
Air NZ loan confirmed
16 October 2001
Air New Zealand has confirmed that it has met all the conditions of, and received, the first stage of its government rescue package.
It has now received a $300 million Crown loan, which includes a $A150 million ($NZ186 million) payment towards the administrators of collapsed Air NZ subsidiary Ansett and an Ansett offshoot, Hazleton Airlines.
Air NZ will waive Ansett's debts and Ansett has agreed not to pursue Air NZ or its directors for further funds.
"Air NZ confirms that all conditions precedent to the making of the $300 million loan . . . have been satisfied or waived," a company statement said.
The loan is part of a $NZ885 million refinancing package in which the Government will take an 83 percent stake in the airline, returning it to state ownership.