Announcement
MKTUPDTE: AIR: Air NZ continues its strategic capital structure review
02:21pm
AIR
25/09/2020 14:21
MKTUPDTE
PRICE SENSITIVE
REL: 1421 HRS Air New Zealand Limited (NS)
MKTUPDTE: AIR: Air NZ continues its strategic capital structure review
25 September 2020
Air New Zealand continues its strategic capital structure review
Air New Zealand has a wide range of stakeholders. Air New Zealand and the
Crown, as majority shareholder and lender, are focused on securing the
long-term future of the airline.
The Crown Standby Facility ("CSF") has started to be drawn down and provides
the Company with necessary liquidity support as it works on a plan for the
future shape and size of its business post COVID-19. The CSF was always
intended by both parties to provide the necessary time for the airline to
reposition its operations and facilitate the implementation of a long-term
capital structure.
The Company continues to evaluate a range of scenarios on how the pandemic
may develop and the subsequent impacts on its business operations, fleet,
operating cost structure, and capital requirements. Assuming there are no
further material adverse developments, the Company is expecting to complete
the strategic capital structure review by early 2021 and be in a position to
proceed with capital raising to be completed before June 2021.
The New Zealand Government has recently reaffirmed its commitment to
maintaining its majority shareholding in Air New Zealand, and the Board is
engaging constructively with the Crown in its capital structure and funding
discussions.
Ends.
Therese Walsh
Chairman
Jennifer Page
General Counsel and Company Secretary
jennifer.page@airnz.co.nz
Leila Peters
General Manager Corporate Finance
leila.peters@airnz.co.nz
+64 21 743 057
End CA:00360450 For:AIR Type:MKTUPDTE Time:2020-09-25 14:21:02
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