Certainty for Air New Zealand welcome

Media Release Thursday, October 4th, 2001

Certainty for Air New Zealand welcome

Today's announcement on Air New Zealand brings a welcome certainty for the airline's immediate future, the Employers & Manufacturers Association says.

"On the face of it New Zealand's taxpayers have bought 83 per cent of Air New Zealand below the last list share price," said Alasdair Thompson, EMA's chief executive.

"Saying anything more than that, or whether it is worth that commercially, is difficult without having more information.

"In any event air cargo exporters and the travelling New Zealanders will welcome the news.

"The intention to re-establish Air New Zealand's viability so Government can later re-sell its shares is also welcomed.

"Ultimately the rescue package will prove to be the best solution only if it is the best commercial solution.

"Whether it will provide sufficient funds to underwrite Air New Zealand's long term success beyond the turmoil facing airlines internationally remains to be seen."

Comments: Alasdair Thompson tel 09 367 0911 (b)

09 303 3951 (h)

025 982 024

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