Breaking : AirNZ Receivership
From reliable source Airliner Net:
Username: Oz777
Posted 2001-09-24 01:07:50 and read 123 times.
According to radio reports coming out of NZ, the Air New Zealand share price has tumbled to such an extent this morning (Monday) that the banks have moved to call in the loans. The Air NZ Board has been left with no option but to declare receivership.. If Air NZ continued to trade at a loss then the directors would be liable for any additional debt.
Singapore's willingness to NOT honour agreements was a major factor.
A formal announcement is expected in a couple of hours.
Oz777