AIR - Air NZ.

[nztx]

Help needed from the Bank of Robertson to keep flapping:

https://www.stuff.co.nz/business/ind...ine-group-says

Airlines need roughly $600m in government support to keep air links open, airline group says

Most suspected this would happen when Dear Leader's merry little wish list of Bubbles everywhere
start bursting around her sweet little ears ..

Keep saving the pennies - Loyal Holders - your turn will be likely next and quite possibly be accompanied
by the fine art of being royally Slam-dunked for privilege of being in holder seats ..

[Sideshow Bob]

339506.pdf (nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com)

December Op Stats continue to make pretty sobering reading......

[nztx]

339506.pdf (nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com)

December Op Stats continue to make pretty sobering reading......

More than a slight nosedive in those Stats for sure -- with no real definite end of the carnage in sight

[Dassets]

When will AIR get honest with people about its business? How is it meeting continuous disclosure requirements?? Minister Nash made it plain on the AM show this morning. No international tourism this year and this likely to roll into 2022. This has been obvious to a dead parrot for at least the last 2 months.

AIR is being heavily subsidised by GONZ via the freight support scheme. May be as much as $600m a year from that. And it is still bleeding cash and drawing the (ever diminishing) expensive GONZ loan.

IMO it appears AIR is likely to be insolvent under my understanding of the test unless it has further assurances from the GONZ. If these exist they have to be made public under disclosure rule. Time for RegCo(new NZX reg arm) to step in.

Why is AIR still paying B777 "furloughed" crew. Is this true? Has AIR effectively not taken the redundancy up front and is rumoured to be on the hook for 70% wages for the next 2 years. Basically hard baking a high cost base if true.

[koko90]

Air NZ isn’t paying any furloughed crew a cent. If you are specifically referring to pilots Air NZ let go over 300. The remaining crew were kept on 70% pay and other measures implemented such as leave without pay, part time work schemes and early retirements. 777 crew have been redeployed to other fleets where there is substantial workload.

[Marilyn Munroe]

I suspect Grant Roberr-tsons shock on learning of the Saudi maintenance contract was propelled by hope the excrement flying about would stick to Christopher Luxon.

boop boop de do
Marilyn

[Dassets]

Well I know of some of these things from the actual pilots. I know one 320 FO was offered a turboprop job if he moved to Nelson earning 60t pa. He was laid off. What a joke. He was earning over 200t. But I do know that the 777 guys that are still flying that have been redeployed have pay protection. So if they were earning 300t flying 777 they now earn that flying ATR. There are pilots earning 70% doing no flying at all. Their contracts were different.

[mike2020]

I think its a long way off being a place to invest money and if you are holding you better have a lot of patience. But, while I disagree with the work they have been doing for the Saudi's, the UK sold 2.5 billion of arms to them last year and has no intention of stopping.

[777]

Well I know of some of these things from the actual pilots. I know one 320 FO was offered a turboprop job if he moved to Nelson earning 60t pa. He was laid off. What a joke. He was earning over 200t. But I do know that the 777 guys that are still flying that have been redeployed have pay protection. So if they were earning 300t flying 777 they now earn that flying ATR. There are pilots earning 70% doing no flying at all. Their contracts were different.

Total rubbish...

[Sideshow Bob]

Gubbermint still want majority ownership.....interesting to see if the govt loan gets converted to equity

Letter from Crown on Air NZ capital raise - NZX, New Zealand’s Exchange

Air New Zealand has actively engaged with the Crown as the Company has continued to assess its longer-term capital structure and funding needs. Air New Zealand has recently reconfirmed to the Crown its intention to complete an equity capital raise before 30 June 2021.

Given the critical role the Company has in New Zealand’s economy and society, the Crown has, in that context, confirmed in a letter to the Air New Zealand Chairman received today its longstanding commitment to maintaining a majority shareholding in Air New Zealand. This letter also confirmed that, subject to Cabinet being satisfied with the terms of Air New Zealand’s proposed equity capital raise, it would participate in that equity capital raise in order to maintain a majority shareholding in Air New Zealand.
Ends.