The Australian view: An amazingly well run Aussie company that Air NZ have no choice but to exit from due to needing capital to fight tough competition in its home market.
The rest of planet earth including analysts and Air NZ view: another Aussie dog of a company that, in spit of restructuring is still basically a pennies in the dollar LCC. Changing the collar doesn't mean you have a new dog. Blowing through $150 mill in cash reserves to make $60mill profit doesn't make sense in any other first world country.
Air NZ sell, take a $200mill write down and move on. 10 yrs from now they'll be glad it was only $200mill.
We're about to find out what
VB is really worth, I'm guessing not much.