Best Advice Is Air NZ Bail-Out Sufficient - Cullen
Monday, 8 October 2001, 10:32 am
Press Release: New Zealand Government
Finance Minister Michael Cullen said today that the
government’s best advice was that the $885 million rescue
package for Air New Zealand would be sufficient to meet the
company’s recapitalisation needs.
“There is no reason to
believe that any more money will be required,” he said.
Dr
Cullen was responding to media reports of an interview he
gave the Australian television programme Business Sunday.
He said he never implied that Air New Zealand might need up
to $150 million more.
He had been replying to the
interviewer’s assertion that the $885 million may not be
adequate and that two to three times that amount may be
needed.
“The due diligence process will reveal whether the
$885 million is enough. At this stage, I have every
confidence it will be at or very near requirements.
“I
made it very clear to Business Sunday that, if more was
required, the $150 million figure was well toward the top
end of the range the government could tolerate,” Dr Cullen
said.
Ends
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