Air NZ bailout likely as mass redundancies loom

Mon, 16 Mar 2020

A bail-out of Air New Zealand looks likely as the national airline lays the groundwork to slash its 8,000-strong workforce by up to 30 percent in the wake of the covid-19 outbreak.Trading in the shares was halted today at $1.54, valuing the national carrier at $1.7 billion, compared with $3.4 billion just over seven weeks ago, when the stock was at $3.045.Analysts expect the government - which owns 52 percent of Air New Zealand - will step up to the plate with some kind of support package, perhaps when Finance Minister Grant Robertson announces...

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