AirNZ failed cash call helps Qantas cause
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The other side of the story.
Rather than spamming the the forum with quotes, I would direct intelligently interested members in this issue as introduced by "Wirraway" to "www.airnewzealand.co.nz" and go to "Press Releases", in which it will be found, first off, that the entire supposition/presumption of the thread, as per the initial quotation, is incorrect. Whilst quite philosophically reconciled to the bitter nastiness of some in here against NZ/ANZ/The NZ Govt/something to do with 1989?? (which eludes me)- (..good gracious, is there anyone/institution you folk don't hate??) - please, try to get both sides before you rush in glee to publish anything detrimental you find.
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NZER
Once again if you are crazy enough to believe the publicity on the site airnewzealand.co.nz do you really expect them to give the whole story. Once again, these are the people that said there was 1 Billion avail just before the demise of AN. Then again if you live in NZ you have to grasp at any straw you can.
Once again if you are crazy enough to believe the publicity on the site airnewzealand.co.nz do you really expect them to give the whole story. Once again, these are the people that said there was 1 Billion avail just before the demise of AN. Then again if you live in NZ you have to grasp at any straw you can.
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Thinks - it is even worth responding? Takes deep breath and tries again to deal on rationale terms. For what it's worth - what makes an Australian newspaper's reporting more trustworthy/reliable than that of a NZ paper? - The website to which I referred merely provides a convennient 'one stop shop" for viewing a collection of newspaper articles - NOT produced by ANZ. Please have as happy a life as your bitter nature allows.
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Air New Zealand is stuck between a rock and a hard place. Losing money like it's going out of fashion, putting up airfares and losing customers to boot. Desperate to re-invent itself but stuck with sky high leases and costs. The new board probably being directed by Helen to do nothing until after the election.
I think I read that Virgin Blue was set up with $10 million. Makes the $850 million the taxpayer has put into Air New Zealand seem exorbitant. These non budget carriers like Air NZ are rife with excess staff. It will be interesting to see if anyone can trim the fat from this pig.
British Airways has recently matched airfares with Easyjet. The article I read was quick to detail the cost structure differences between the two:
EasyJet B737 has 138 seats and used 11 hours per day
British Airways, 125 seats and used 6.7 hours per
EasyJet, 1 staff member per 4500 pax
BA, 1 per 700
I wonder how Air NZ stacks up?
I think I read that Virgin Blue was set up with $10 million. Makes the $850 million the taxpayer has put into Air New Zealand seem exorbitant. These non budget carriers like Air NZ are rife with excess staff. It will be interesting to see if anyone can trim the fat from this pig.
British Airways has recently matched airfares with Easyjet. The article I read was quick to detail the cost structure differences between the two:
EasyJet B737 has 138 seats and used 11 hours per day
British Airways, 125 seats and used 6.7 hours per
EasyJet, 1 staff member per 4500 pax
BA, 1 per 700
I wonder how Air NZ stacks up?
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<<Letter damns Air NZ
12apr02
AIR New Zealand misled the Australian Government over plans it had for the future of its now-defunct Australian subsidiary Ansett.
Secret New Zealand government documents just released show Air New Zealand told Prime Minister John Howard that it was impossible to separate Air NZ from Ansett.
The Kiwi carrier's acting chairman Dr Jim Farmer told Mr Howard on August 14 that "no practical separation" can occur. >>
Wirraway, what is your point? The separation was disastrous, not practical
Cheers, Dom.
12apr02
AIR New Zealand misled the Australian Government over plans it had for the future of its now-defunct Australian subsidiary Ansett.
Secret New Zealand government documents just released show Air New Zealand told Prime Minister John Howard that it was impossible to separate Air NZ from Ansett.
The Kiwi carrier's acting chairman Dr Jim Farmer told Mr Howard on August 14 that "no practical separation" can occur. >>
Wirraway, what is your point? The separation was disastrous, not practical
Cheers, Dom.
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Air N.Z. Says It Doesn't Need Further NZ$670 Mln to Be Viable
Auckland, April 11 (Bloomberg) -- Air New Zealand Ltd. said
reports that it needs a further NZ$670 million ($293 million) cash
injection to remain viable are incorrect.
According to documents released yesterday, the nation's
unprofitable airline requires NZ$1.71 billion by June 2003 to
reduce debt and build up its cash reserves. In January, it
received NZ$885 million from the government to save it from
bankruptcy and the government pledged a further NZ$150 million
before June 2003.
That doesn't mean the airline needs a further NZ$670 million
in equity over the coming year to remain viable, Air New Zealand
Company Secretary John Blair said in a statement faxed to
Bloomberg News.
The NZ$1.71 billion estimate, contained in a Nov. 12 report
by government advisers Cameron & Co. and PA Consulting Ltd., was based on achieving a target of 65 percent debt to debt plus
equity, Blair said.
"While the 65 percent gearing target represents a desirable
capital structure, it is incorrect to infer that the company would
not be viable if it was not achieved in the coming year,'' Blair
said, adding the company could improve its debt position by other
means such as selling assets and improving and retaining profits.
In another report by the Treasury Department released
yesterday, advisers said government financial assistance should be enough to help the airline proceed while still placing pressure on the board and management to achieve targets such as asset sales.
Air New Zealand has cut staff and routes, and put assets such
as its South Island alpine skifields up for sale. Last month, it
said it is considering options to raise money later this year,
including a rights offer.
I recall a time back in about '86 or '87 when there was serious thought being given to merging the old domestic TN, QF and NZ to fight off the hordes from the North. Think about it guys, it has happened in North America (CP and AC), will happen in Europe (KL and BA really can't stay away from each other and SK, LH, BD get closer every day)... so will happen in Aust/NZ. In fact, if both countries can put petty pariochialism to one side for a moment, it MUST happen if we want our aviation to stay controlled from somewhere at least close to home. Sad to say, the evidence appears to be that the NZers have a harder time with this idea than the Aussies - to make it big, a Kiwi makes it in Australia, but to for an Aussie to make it big, the world stage beckons. Sorry guys but look at music, film, industry, banking...
"TEAL 001, clear for take off 16 right"... only a matter of time.
Auckland, April 11 (Bloomberg) -- Air New Zealand Ltd. said
reports that it needs a further NZ$670 million ($293 million) cash
injection to remain viable are incorrect.
According to documents released yesterday, the nation's
unprofitable airline requires NZ$1.71 billion by June 2003 to
reduce debt and build up its cash reserves. In January, it
received NZ$885 million from the government to save it from
bankruptcy and the government pledged a further NZ$150 million
before June 2003.
That doesn't mean the airline needs a further NZ$670 million
in equity over the coming year to remain viable, Air New Zealand
Company Secretary John Blair said in a statement faxed to
Bloomberg News.
The NZ$1.71 billion estimate, contained in a Nov. 12 report
by government advisers Cameron & Co. and PA Consulting Ltd., was based on achieving a target of 65 percent debt to debt plus
equity, Blair said.
"While the 65 percent gearing target represents a desirable
capital structure, it is incorrect to infer that the company would
not be viable if it was not achieved in the coming year,'' Blair
said, adding the company could improve its debt position by other
means such as selling assets and improving and retaining profits.
In another report by the Treasury Department released
yesterday, advisers said government financial assistance should be enough to help the airline proceed while still placing pressure on the board and management to achieve targets such as asset sales.
Air New Zealand has cut staff and routes, and put assets such
as its South Island alpine skifields up for sale. Last month, it
said it is considering options to raise money later this year,
including a rights offer.
I recall a time back in about '86 or '87 when there was serious thought being given to merging the old domestic TN, QF and NZ to fight off the hordes from the North. Think about it guys, it has happened in North America (CP and AC), will happen in Europe (KL and BA really can't stay away from each other and SK, LH, BD get closer every day)... so will happen in Aust/NZ. In fact, if both countries can put petty pariochialism to one side for a moment, it MUST happen if we want our aviation to stay controlled from somewhere at least close to home. Sad to say, the evidence appears to be that the NZers have a harder time with this idea than the Aussies - to make it big, a Kiwi makes it in Australia, but to for an Aussie to make it big, the world stage beckons. Sorry guys but look at music, film, industry, banking...
"TEAL 001, clear for take off 16 right"... only a matter of time.
