Crown confirms participation in Air New Zealand equity raise

The Crown has today confirmed in a letter to Air New Zealand Chairman Dame Therese Walsh that subject to Cabinet being satisfied with the terms of Air New Zealand's proposed equity capital raise to be completed by 30 June 2021, it would participate in that equity capital raise in order to maintain a majority shareholding in Air New Zealand.
12 February 2021

In the letter, Deputy Prime Minister and Minister of Finance Grant Robertson recognised the importance of a strong domestic air travel network for economic and social development purposes and the key role of Air New Zealand in supporting our international tourism and export industries. The minister also highlighted Air New Zealand's commitment to environmental sustainability, and the airline's role as a good employer.

Dame Therese said she was delighted with the confirmation of support from the Crown and the continued positive engagement.

"We are grateful for the loan arranged with the Crown in May last year, but that was always a temporary measure. The ability to raise equity will help set the airline up for recovery from the impacts of COVID-19 and to continue to fulfil its purpose of connecting New Zealanders to each other and New Zealand to the world."

Ends

Issued by Air New Zealand Communications.

Email: media@airnz.co.nz  │  Twitter: @AirNZMedia

About Star Alliance

The Star Alliance network was established in 1997 as the first truly global airline alliance to offer worldwide reach, recognition and seamless service to the international traveller. Its acceptance by the market has been recognised by numerous awards, including the Air Transport World Market Leadership Award and Best Airline Alliance by both Business Traveller Magazine and Skytrax. The member airlines are: Aegean Airlines, Air Canada, Air China, Air India, Air New Zealand, ANA, Asiana Airlines, Austrian, Avianca, Brussels Airlines, Copa Airlines, Croatia Airlines, EGYPTAIR, Ethiopian Airlines, EVA Air, LOT Polish Airlines, Lufthansa, Scandinavian Airlines, Shenzhen Airlines, Singapore Airlines, South African Airways, SWISS, TAP Air Portugal, THAI, Turkish Airlines, and United. Overall, the Star Alliance network currently offers more than 19,000 daily flights to more than 1,250 airports in 195 countries. Further connecting flights are offered by Star Alliance Connecting Partner, Juneyao Airlines.

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