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Air NZ bailout too small; value slashed by $550m

Air New Zealand shares sank by more than a third as investors judged the government’s $900 million bailout to be too small. The airline’s chief executive said $900 million was exactly the amount he asked for. Finance Minister Grant Robertson today said the government loan would keep the airline afloat, but that’s at the cost of any future dividend payments while any debt’s outstanding. The debt can also be converted to equity.The shares resumed trading this morning after being halted this week while the airline and government finalised the...

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