Shattered airlines were left counting the cost of government support as politici...
SYDNEY/WASHINGTON - Shattered airlines were left counting the cost of government support as politicians in the United States and New Zealand set out conditions for bailouts needed to absorb the shock of coronavirus.
New Zealand on Friday offered its national carrier a NZ$900 million lifeline, which Finance Minister Grant Robertson said would help it survive after the government banned all non-resident arrivals to the country. Norway will back airlines with credit guarantees worth up to 6 billion Norwegian crowns , half of it to Norwegian Air Shuttle ASA , but conditions include raising some money from commercial lenders and the equity market.
Lufthansa, which has idled 700 of its 763 aircraft, has already held talks with the German government on providing liquidity, including through special loans from state development bank KfW. The only bright spot for the industry is the cargo market. Passenger planes normally carry about half the world’s air cargo in their bellies, with the remainder hauled in dedicated freighter planes.
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