Wirraway

NZ Herald:

Late night bid to avoid Air NZ crash

10.09.2001 By FRAN O'SULLIVAN AND DANIEL RIORDAN

Air New Zealand directors emerged early today from a marathon meeting to develop a rescue plan to stop the national flag carrier's financial collapse.

After the meeting, Air New Zealand acting chairman Jim Farmer said the company and its two major shareholders, Singapore Airlines and Brierley Investments, were working with the Government on a proposal to ensure on-going financial support for the airline's international and domestic operations.

Mr Farmer said the board expected to make a further announcement by Thursday - the day it presents Air New Zealand's annual results.

Directors from Singapore Airlines and Brierley Investments took part in last night's meeting by video-conferencing, and Government negotiator Rob Cameron and teams of lawyers were on standby.

Late last night Prime Minister Helen Clark said she thought Air New Zealand would survive.

Asked about its Australian subsidiary, Ansett, which is losing $1.5 million a day, she said: "I am not going down that road - no further comment."

She expected to brief the cabinet today on the developing measures to salvage Air New Zealand, but no firm proposal will go before ministers.

Helen Clark said her cabinet ministers' team had been briefed on yesterday's board discussions and had authorised Mr Cameron to take discussions with the company and its major shareholders to a more detailed level.

"A number of uncertainties remain but we are committed to finding a constructive solution."

The Prime Minister also talked to Australia's Acting Prime Minister, John Anderson, during the evening.

One of the issues complicating the boardroom talks was a "letter of comfort" Air New Zealand gave to loss-making Ansett which makes it difficult to put the Australian airline into receivership without also threatening its parent.

Air New Zealand executives could not say yesterday whether the letter guaranteed all Ansett's loans, or was simply a stop-gap measure to keep Ansett afloat while Air New Zealand put together a recapitalisation plan.

If Air New Zealand writes off its investment in Ansett and reports, as expected, an operating loss of up to $300 million on Thursday, it would have shareholders' cash of $350 million against consolidated debt of $3.1 billion.

If Ansett's debts are also guaranteed by Air New Zealand in the letter of comfort, its plight will be far worse.

Yesterday's meeting started at 4 pm, and directors were still meeting after midnight.

But one executive who left early said: "People are tearing their hair out - it's all gone pear-shaped."

Before the meeting, Helen Clark said it was "unthinkable" that Air New Zealand would be allowed to collapse. No matter what happened, the national airline had to be kept flying.

Air New Zealand was asked to produce a commercial refinancing proposal in time for today's cabinet meeting.

But one option, the Government's keenly promoted Anzac rescue, was questioned by Australian Treasurer Peter Costello on Saturday after talks with Finance Minister Michael Cullen.

"Air New Zealand is responsible for sorting out its troubled subsidiary," was Mr Costello's curt response to journalists at an Asia-Pacific Economic Cooperation ministers' meeting in Shanghai.

Mr Farmer said Air New Zealand had informed the Australian Government of Ansett's financial position and would continue talks with the Australian Government today.

The depth of Air New Zealand's plight was shown when it pulled Ansett's advertising in Australia at the weekend.

So desperate is Air New Zealand that its board last week asked Qantas to buy Ansett. But Qantas chief executive Geoff Dixon says he rejected the proposal.

"It is not something we felt we could seriously consider. Despite what many people think, we do not dominate this industry and have no desire to do so," he told the Australian Financial Review.

Qantas has a proposal in the wings to buy into Air New Zealand.

As the uncertainty continues, Ansett customers appear to be getting cold feet.

Demand for tickets on Qantas and Virgin Blue flights rose dramatically over the weekend.

Unions demanded answers on the future for the airline's 15,000 staff.

An airline industry source said pulling advertising was a standard move when an airline was in financial crisis.

"An airline is like a bank.

"It can disintegrate really quickly because it depends on public confidence to exist."

The Australian Government has said it would welcome the introduction of new investors into Ansett.

"Ansett is a foreign-owned company, and any application ... would get a very, very favourable hearing from the Australian Government," Mr Costello said.

Singapore's Deputy Prime Minister, Lee Hsien Loong Lee, has also ruled out his Government's involvement.

"This is SIA's (Singapore Airlines) matter - it is a commercial issue which SIA has to work out."

Wirraway

ABC NEWS:

Ansett crisis talks discuss possible Qantas buyout

The full board of Air New Zealand, the owner of Australia's beleaguered Ansett Airlines, is meeting in Auckland this morning.

The company has revealed that it has been holding talks on the possibility of a Qantas buyout as the possible solution to Ansett's continued viability.

Meetings have been held over the weekend to develop a plan that ensures Ansett survives, and with it, the jobs of 16,000 people.

But it is still losing an estimated $1.3 million a day.

Early this morning, the acting chairman of Air New Zealand's board, Jim Farmer, issued a statement out of Auckland.

He said that the company has held talks with the Australian Government over the weekend and they are expected to continue today.

He has also revealed that talks have been held in the last few days with Qantas.

A spokeswoman for Australia's Competition and Consumer Commission (ACCC) has confirmed that an informal approach was made by Air New Zealand late yesterday about the ACCC's thoughts of a possible Qantas buyout of Ansett.

She has described the situation as very fluid.

Another option for Air New Zealand is to place Ansett into liquidation.

The board is meeting again today in Auckland.

Surmount

From News.com.au Breaking News

ANSETT looks set to be left out in the cold in a deal which will see the New Zealand government offer a vital helping hand to parent company Air New Zealand.

The board of Air New Zealand is working with the NZ government to develop a rescue plan for the troubled airline, but it seems unlikely Ansett will be included in the deal.

New Zealand Prime Minister Helen Clark said late last night she thought Air New Zealand would survive.

But she refused to comment on the future of Ansett, which is losing $NZ1.5 million ($1.26 million) a day.

And this morning Acting company chairman Jim Farmer told Radio New Zealand it was up to Australia to save Ansett.

"Both (owners) Brierley, and Singapore Airlines and the New Zealand Government are putting together - and I would hope we will finalise it fairly shortly - a financial package in respect of Air New Zealand, which is a very significant package," he said.

Asked where that left Ansett, he said: "It is a package for Air New Zealand and our discussions with the Australian government are continuing."

Dr Farmer did not deny media reports that Ansett was on the verge of being put into administration or receivership.

Air New Zealand's board held an emergency meeting into the early hours of this morning.

Directors from the company's two major shareholders, Singapore Airlines and Brierley Investments, took part by video-conferencing, and government negotiator Rob Cameron and teams of lawyers were on standby throughout the meeting.

Dr Farmer said: "Over recent months, the company has informed the Australian government of Ansett Australia's financial position and has had further discussions with the Australian government over the weekend.

"It is expected that these will be continuing today.

"The company has also held discussions over the last few days with Qantas Airways Limited in relation to Ansett, but these were terminated as a result of adverse comments made by the Australian Competition and Consumer Commission.

"The Air New Zealand Board expects to be able to make a further announcement on, or before, Thursday, September 13, when it is due to present the company's annual results."

Australian Treasurer Peter Costello has welcomed a foreign buyer stepping in to take on Ansett, but has ruled out a taxpayer-funded bailout.

What Jim Farmer said is disgraceful. To think it was their company that got Ansett in this trouble in the first place. An undercapatilized company purchasing an airline much larger than their own operation, not being able to afford fleet upgrades. I do not work for Ansett
But I hope that Ansett continues trading for the sake of the employees and their families.

Cheers

fire wall

What a time line:
-NZ minister denies asking Aust. govt to intervene.
-Australian govt confirms NZ minister has requested Australian intervention.
-NZ minister confirms above request (wiping egg off face)
-NZ prime minister(sic)says she is confident a amicable solution can be reached.
-NZ prime minister says ANZ in worst shape than first thought.
-NZ prime minister says it is solely a commercial matter for ANZ board.
-NZ prime minister says ANZ must not be allowed to fall.
-NZ prime minister says she will not be drawn down that road when questioned on the fate of 16000 employees across the tasman.
-NZ prime minister says it is a disaster for ANZ, not a disaster for NZ.

I say lady you are a walking disaster.NZ economy in tatters, military capability = 0, NZ rouble good only for exporters etc etc etc...... Who voted for this clown?

Wirraway

I give up:

Abc Net= Qantas
Ch 10 = Qantas deal out
CNBC = SIA still likley buyer
SKY = Receivers most likley

Take your pick.

Wirraway

lame

Wirraway,

You are doing a great job, don't give up.

It is a little hard to know who to believe though, as you said?

I see on the MSNNINE website, following Business Sunday yesterday they had a poll, "should the Australian Government bail out and/or provide any assistance to Ansett" (or words to that effect), it was running 70% NO yesterday, just had another look and is still running 69% NO.

Do you have a gut feeling which way it will go?????

Best regards,

"lame"

Wirraway

Lame

My gut feeling is the whole thing is a
sham by SIA & VB to pay the Kiwis back
for thwarting the 50% sale last year,
even if AN goes into administration I
still believe SIA will end up with it
one way or another. The big loosers will
be Air NZ.

Wirraway

lame

Wirraway,

Quite possible?

Ironically was just going to post, and still will, the latest from said Singapore....

Best regards,

"lame"

Air NZ pulls plug on ad spending for Ansett

AUCKLAND - Air New Zealand (Air NZ) said yesterday it has withdrawn advertising for its money-losing Australian subsidiary, Ansett Airlines, intensifying speculation on Ansett's future.

The move came ahead of a meeting of Air NZ's board of directors that continued late into the night as it searched for funding to renew Ansett's ageing fleet.

Spokesman Mark Champion confirmed Ansett's Australian advertising had been withdrawn, but declined to comment further.

Speculation is rife as to the future of Air NZ and Ansett as Air NZ seeks urgently to raise NZ$1 billion (S$764 million) for the upgrading of Ansett's fleet. Air NZ's major shareholders and management have worked over the weekend on a refinancing deal.

Singapore Airlines (SIA), which owns 25 per cent of Air NZ, had sought New Zealand government approval to lift its stake to 49 per cent, injecting funds to recapitalise the New Zealand carrier, but said last Friday that it could not commit to a previously announced price of NZ$1.31 a share.

Air NZ's B shares hit a record low of 79 NZ cents on Friday, before regaining some ground to close 10 per cent lower at 81 NZ cents.

The Sunday Star Times said speculation about Ansett going into receivership strengthened on Saturday night, based on Ansett withdrawing its advertising.

Under Australian corporate law, a secured creditor appoints a receiver when a company it has advanced money to defaults on the loan.

The receiver's role is then to realise assets for the benefit of the secured creditor, and it is usually in the interests of that creditor for the firm to continue to trade so as to obtain the best price for the business.

Australian Prime Minister John Howard reiterated his opposition to his government taking a position in Ansett, which Air NZ has said is losing A$1.3 million (S$1.19 million) a day at the earnings before interest and tax level.

Speaking to reporters in Suzhou, China, after talks with Australian Treasurer Peter Costello, New Zealand Finance Minister Michael Cullen said he hoped for a resolution within the next few days, but gave no details.

In Suzhou yesterday, Mr Costello said the Australian government would would 'look favourably' on a new foreign buyer for Air NZ's stake in Ansett.

'I would welcome any new investor in Ansett Airlines if they were an investor that were willing to put more money into Ansett Airlines that would be, I believe, a good thing for the company.'

The Australian government maintains the right to block overseas bids for Australian companies on 'national interest' grounds.

Mr Costello's comments would make it possible for SIA to take full control of Ansett, selling out its Air NZ stake.

Meanwhile, Sir Richard Branson's discount carrier Virgin Blue said in Sydney yesterday it is considering offering Air NZ a share-swap deal in return for 25 per cent equity in the national carrier.

Virgin Blue chief executive Brett Godfrey said it would be 'very cheap' to buy into the Air NZ/Ansett group, although any future move was contingent on SIA giving up its 25 per cent shareholding. -- Agencies

lame

Then again, this from the same Singapore newspaper this morning??????

Asian investors may get turned off
Anti-foreigner sentiments in Australia may hit investments, says BG Lee

SYDNEY - Singapore's Deputy Prime Minister Lee Hsien Loong yesterday warned that Asian investors could reconsider plans in Australia in the light of the corporate xenophobia displayed by some Australian businesses.

He said this in an interview with Australia's Nine Network's Business Sunday programme, when asked to comment on the opposition from some leading Australian business figures, academics and the media here, to Singapore Telecom's takeover of Cable and Wireless Optus.

The interview was aired on the eve of SingTel's listing on the Australian stock exchange this morning.

On the anti-foreigner feeling triggered off by the SingTel bid, Brigadier-General (NS) Lee said he found it 'a little disappointing'.

'The world is becoming more globalised, we have to go regional. I think Australia has to go regional too,' he said.

While he noted that the opposition to SingTel's bid for Optus was not across the board but came from a 'certain strand' within Australia's corporate establishment, including media magnate Kerry Stokes, he said 'it raises the price for the government'.

He added: 'It raises the political price and in an election year, it is something that cannot be ignored by any government, and it will also raise the hurdle for somebody contemplating investments in Australia from Asia, to ask, 'Is this really worth the trouble?'

'It is not Pauline Hanson ...it is fairly establishment people and they are views which have to be taken into account, but overall, I think our relationship with Australia is very good.'

But he added that voices favouring closer ties with Asia reassured investors.

SingTel, which is majority-owned by the Singapore Government, cleared the last regulatory hurdle blocking its takeover of Australia's second-biggest telco last month.

The bid was clouded by defence analysts' concerns that Singaporean spies would be able to eavesdrop on sensitive traffic carried via a communications satellite joint venture between the Australian defence force and Cable and Wireless Optus, to be launched next year.

Dismissing the spying charges, BG (NS) Lee told Nine Network: 'Why should we want to spy on you, are we going to war?'

He added: 'It is ridiculous. We are allies, we are friends, have been for a long time and why should we not continue?

'What interests have we got to find out your defence secrets and pack aeroplanes full of radars and antennae and fly over your secret installations?'

He also ruled out government interference in another of its primary investments, Singapore Airlines (SIA).

SIA is currently trying to raise its 25-per-cent shareholding in the cash-haemorrhaging Air New Zealand/Ansett group to 49 per cent, subject to New Zealand government approval.

Air New Zealand's financial difficulties have led the Singapore carrier to reconsider its bid price, although it appears determined to secure the increased stake.

'This is SIA's matter - it is a commercial issue which SIA has to work out,' he said.

'We have every confidence that SIA knows how to look after itself.' --AFP, AP

Wirraway

NZ Evening Post:

Air NZ set to cut Ansett loose

10 September 2001

A rescue package for Air New Zealand prepared by its main shareholders and the Government is nearly finalised but it does not appear to include Ansett Australia.
Air NZ acting chairman Jim Farmer said the airline's 30 per cent owner Brierley Investments and 25 per cent owner Singapore Airlines were ready to participate in a cash injection to save the company but it was up to the Australian Government to save Ansett.

"Brierley is going to be putting some money into Air NZ," he said. "Both Brierley and Singapore Airlines and the New Zealand Government are putting together - and I would hope we will finalise it fairly shortly - a financial package in respect of Air NZ, which is a very significant package."

Asked where that left Ansett, he said: "It is a package for Air NZ and our discussions with the Australian Government are continuing."

Dr Farmer gave an assurance that New Zealand would continue to have a national carrier. "It is our absolute priority to ensure that Air NZ is maintained as a strong airline."

Air NZ's board was involved in crisis talks at the weekend with shareholders and a government representative over a rescue package to enable it to recapitalise and stem Ansett losses. The airline revealed last week that Ansett was losing $A1.3 million ($NZ1.57 million) a day.

Ansett employs about 14,000 people and the Australian Government has said that while it is against a bailout, it may have to step in. An election is due in Australia.

Air NZ planned to continue discussions with the Australian Government today and the board was likely to meet again tonight.

Today, it appeared more likely Ansett would be placed in receivership.

But an Evening Post source warned that if Ansett was not cut lose - or included in the rescue package - it could drag Air NZ under.

"Air NZ has current shareholder funds of $1.9 billion and is expected to announce a loss of $300 million in Thursday's annual results," the source said.

"(It) will also write off the $1.25 billion paid for Ansett, leaving only $350 million in shareholder funds.

"Therefore if the Air NZ board is left liable for Ansett's $1.1 billion debt and there is no recapitalisation package then the national carrier will be effectively bankrupted."

Despite being furious at possibly having to bail out Air NZ, the Government would not let the national carrier sink, Prime Minister Helen Clark said today.

Options for the Government appear to include a cash injection or underwriting a share issue for the airline, but Miss Clark refused to go into details.

"The New Zealand Government, like the Australian Government and the Singapore Government, sees commercial decisions as primarily one for the shareholder. But on the other hand because of the Kiwi share and because of the huge strategic importance of the national airline to New Zealand, in the end the New Zealand Government has had to get intensively involved."

Another source told The Post it was now a foregone conclusion the Government would lift the foreign ownership cap to allow Singapore Airlines to enlarge its investment in Air NZ.

wayne campbell

Although this is probably irrelevent now, AN DOES NOT have the second oldest fleet in the world as reported by The Age newspaper.

AN and QF have fleets of similar age and are roughly average compared to worldwide standard.

But dont let the facts get in the way of a good media frenzy.

fire wall

Shareholders and governments (or lack there of..) have a duty to all employees....not just that of one national carrier as has been depicted with this latest announcement.

Time for the Australian govt to buy AN back at a competitive price and do the necessary pruning (excuse the pun) to get this great icon back to profitability before selling to another party,and that being preferably not SQ or the schemeing Branson.......and definitelt never again to ANZ.

So Jim Farmer does just that, farms off his responsibilities of the sound running of a major company to a third party, time for the Australian govt to bail out ANZ and by default the NZ government. Great corporate governance! Wonder the screaming from the red PM if the roles were reversed.

Makes my blood boil and I don't even work for AN.

[ 10 September 2001: Message edited by: fire wall ]

[ 10 September 2001: Message edited by: fire wall ]

[ 10 September 2001: Message edited by: fire wall ]

Wirraway

Monday September 10, 9:11 AM (Singapore)

Air NZ Calls on Australian Govt to Act on Ansett Crisis

CANBERRA, Sept 10 Asia Pulse - Air New Zealand today called on the Australian government to take responsibility for Ansett as negotiations continue on a rescue package.
Acting Air NZ chairman Jim Farmer said major shareholders Brierley Investments and Singapore Airlines were ready to participate in a cash injection to save Air NZ.



But he said it was up to the Australian government to save Ansett, which is 100 per cent owned by Air NZ.

"If you accept that it's proper for the New Zealand government to say yes, we have some kind of responsibility for a New Zealand airline, then I suppose one night argue that the Australian government could express a similar responsibility for what is essentially an Australian airline although it happens to be owned by a foreign airline," Dr Farmer told the ABC.

"(Governments) set the laws by which the airlines have to operate and those rules should and need to be changed and government support may well need to be given from time to time."

A spokesman for Acting Prime Minister and Transport Minister John Anderson said the government stood by its comments last night that the board and management of Air NZ were responsible for Ansett.

But he said other options were still being assessed.

"We are still exploring all commercial options, we have got a number of contingency plans in place," the spokesman said.


ASIA PULSE

lame

Crunch Decisions About Air NZ

By Staff Reporter Frank Perry at 10:07am, 10th September 2001

Air New Zealand's directors meet again today to discuss what are described as "crunch" decisions about the future of the national carrier, but all parties involved will not reveal any details of the financial rescue package.

The airline's subsidiary Ansett is losing $1.3 million a day and the Sydney Morning Herald reported today that the Australian domestic airline looks certain to be abandoned by its parent.

The paper said Ansett's main chance of survival faded last night when the Federal Government insisted it would not back a taxpayer-funded bail out.

Prime Minister Helen Clark said this morning that the Government was intensively involved in efforts to resolve Air New Zealand's financial problems but would not say what steps it might take.

She said that lifting the Singapore Airlines shareholding cap was not enough to resolve the situation.

Miss Clark said the situation was commercially too sensitive for her to say what type of action the Government might take to help the airline.

Air New Zealand's directors met until early this morning, issuing a brief statement giving few details of the re-financing package that they were working on.

However acting chairman Jim Farmer told Radio New Zealand the directors absolute priority was to ensure that Air New Zealand was maintained as a strong airline and that a financial package was being arranged.

This did not include Ansett.

In Australia, the ABC reported that Transport Minister John Anderson is holding more crisis talks today over the future of Ansett, after speaking to Helen Clark last night.

He has cancelled all other engagements today.

Mr Anderson said the Australian Government was extremely concerned about Ansett's staff, the travelling public and the regional communities, which depended on the airline.

© NewsRoom 2001

lame

Finally an official statement, although it does not really say much?

Statement by Gary Toomey, President & CEO Air New Zealand-Ansett Australia Group

Press Release by Air New Zealand at 12:01pm, 10th September 2001

We're advancing our work to support the on-going operations of Air New Zealand

This morning, we've initiated serious discussions with the Australian Government on the future for Ansett.

I have spoken to Prime Minister John Howard in Washington this morning to open the dialogue.

The new management team has been working hard since we came aboard at the beginning of this year to find ways of dealing with the problems we identified in the Group. We're making significant progress with Air New Zealand, our major shareholders and the New Zealand Government with more work to do yet.

Today, we'll be seeing what we can achieve with the Australian Government to find an outcome that'll be in the best interests of Australian travellers, our loyal Ansett staff, as well as our shareholders.

We'll be reporting developments as soon as we're in a position to make any announcements.

ENDS

lame

OOOPS, AIR NEW ZEALAND MUST HAVE FORGOTTEN ABOUT THIS OFFICIAL PRESS RELEASE FROM JUNE THIS YEAR??????????

Air New Zealand-Ansett Group will be Strengthened

Tue 19 June 2001

The Board of Directors of Air New Zealand Limited has endorsed a decision of its Committee of Independent Directors that it is in the best interests of the company to strengthen the Air New Zealand - Ansett Australia airline group as an integrated business.


The Board and the Independent Committee reached this conclusion after considering reports from Salomon Smith Barney and the Group's executive management on business strategy and funding options for the Group's development over the next five years.


The Board's Acting Chairman, Dr Jim Farmer, issued the following statement.


"Salomon Smith Barney's appraisal of the business strategy for Air New Zealand confirmed that the existing structure, which includes 100% ownership of Ansett Australia, is the most desirable for the long-term success of the company.


"The Committee of Independent Directors and the Board are unanimous in their conclusion that the advantages Air New Zealand will derive from continuing ownership of Ansett Australia and the operation and development of an integrated Australasian network are significantly more valuable than any other option available to our company.


"As a consequence, the expansion of the capital base of the Air New Zealand-Ansett Australia group will be pursued.


"The Board and the Independent Committee are also united in the view that it is in the best interests of the company that Singapore Airlines increase its stake in Air New Zealand significantly.


"Singapore Airlines has advised us that, subject to approvals by the Government and Air New Zealand shareholders and agreement on normal governance conditions, it will increase its shareholding in Air New Zealand significantly through a placement of additional shares at a price of $1.31 per share, being the averaged price of Air NZ A and B shares at the close of trading last Friday.


"Singapore Airlines has also advised that it will support a subsequent capital raising programme by the company.


"Both these expressions of support are warmly welcomed by the Air New Zealand Board and its Committee of Independent Directors.


"We are convinced that the course we are now pursuing is not only in the best interests of all Air New Zealand shareholders but is also in the interests of New Zealand as a whole.


"A stronger Air New Zealand - Ansett group, supported by Singapore Airlines, will be more effective in developing valuable tourism business on a global scale as well improved access to Australia which is New Zealand's largest source of overseas visitors and the most significant off-shore destination for international travel by New Zealanders.


"We are now starting the process of working with the Government on policy and regulatory issues that need to be addressed before arrangements for the development of a significantly strengthened Air New Zealand can be finalised," Dr Farmer said.

-------------------------

GEE 3 MONTHS IS A LONG TIME IN AVIATION??

Wirraway

Ansett staff urge government help

From AAP
10sep01

BUSES have been hired to transport hundreds of Ansett workers from the airport to a rally outside the airline head office in Melbourne.

The rally organised by the Australian Services Union will call on the Federal Government to step in to secure the 16,000 jobs at risk if the financially stricken airline goes under.

The rally will start at 1pm (AEST) in the forecourt outside Ansett's headquarters at 501 Swanston Street.

Wirraway

Wellington, Sept. 10 (Bloomberg) -- Air New Zealand Ltd. shares rallied after the airline said it is seeking Australian government support to save its unprofitable Ansett unit.

The carrier's B Class shares available for all investors rose as much as 17 percent to 95 N.Z. cents, reversing an earlier fall of 12 percent, after a company statement said Chief Executive Gary Toomey called Australian Prime Minister John Howard in Washington.

Some investors are betting that "if the funding package isn't too onerous -- if they don't come with a heavily discounted share issue -- and once the funding issue is out of the way, Air New Zealand is going to continue,'' said Bryon Burke, a broker at ABN Amro & Craigs Ltd. in New Zealand.

PPRuNe Towers

An immense load on the server here at the moment. I'm running the night shift here in the UK and I know how important the news is for you all at the moment.

We'll let the thread run on for now but please bear with us - it will have to be restarted at some point today.

Rob

Wirraway

There is surpposed to be an anouncement
at 2.00pm, 9 min from now from the AirNZ
board.

Wirraway