Air NZ needs Kiwis flying once lockdown lifts to avert 'catastrophe'

Tue, 31 Mar 2020

Air New Zealand may have a government bailout, but the interest on its $900 million loan is more than double current mortgage rates and this year’s revenue will be less than 10 percent of what it expected.“Covid-19 has seen us go from having revenue of $5.8 billion to what is shaping up to be less than $500 million annually based on the current booking patterns we are seeing,” Air NZ chief executive Greg Foran is warning. “This has the potential to be catastrophic for our business unless we take some decisive action." The only way it can g...

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