New Zealand has shown the world how to rescue an airline. The government gave Air New Zealand a stand-by loan of $514 million, striking a balance between the carrier’s survival while ensuring shareholders share in the pain, says writes edwardcropley:
New Zealand’s government on March 20 offered Air New Zealand an emergency lending facility of up to NZ$900 million to get it through the coronavirus crisis.
As part of the arrangement, the national carrier said it had cancelled its interim 2020 dividend. The government has the ability to force Air New Zealand to repay any loans within six months via a capital raise, or to convert outstanding debt into equity. The loan facility is being offered in two tranches, one of NZ$600 million with a 7%-8% interest rate, and one of NZ$300 million with a 9% interest rate.
The British government is drawing up plans to buy equity stakes in airlines and other companies hit by the coronavirus crisis, the Financial Times reported on March 21.
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