Air New Zealand has drawn down $72 mln of government loan

Airline unable to provide earnings guidance, expects loss

Has around NZ$1 billion of liquidity, still burning cash

Will refresh loyalty programme, improve digital tools

Adds comments from chairman and CEO

SYDNEY, Sept 29 (Reuters)Air New Zealand Ltd AIR.NZ said on Tuesday it had drawn down NZ$110 million ($72.20 million) of a NZ$900 million government loan facility to date as it shored up liquidity to help weather the coronavirus pandemic.

The airline reiterated that it expected to report a second consecutive annual loss in the financial year ending June 30, 2021, and that it was not able to provide earnings guidance.

“With the outlook for future passenger demand clearly uncertain, and highly dependent on the removal of travel restrictions both here in New Zealand and globally, we know that Air New Zealand will continue to be a smaller business for some time to come,” Chairman Therese Walsh said

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Air New Zealand has drawn down $72 million of government loan

FILE PHOTO: An Air New Zealand Boeing Dreamliner 787-9 takes off from Auckland Airport in New Zealand, September 20, 2017. REUTERS/Nigel Marple

SYDNEY (Reuters) – Air New Zealand Ltd AIR.NZ said on Tuesday it had drawn down NZ$110 million ($72.20 million) of a NZ$900 million government loan facility to date as it shored up liquidity to help weather the coronavirus pandemic.

The airline reiterated that it expected to report a second consecutive annual loss in the financial year ending June 30, 2021, and that it was not able to provide earnings guidance.

“With the outlook for future passenger demand clearly uncertain, and highly dependent on the removal of travel restrictions both here in New Zealand and globally, we know that Air New Zealand will continue to be a smaller business for some time to come,” Chairman Therese Walsh said at the airline’s annual meeting, webcast from Auckland. Yes chairman not

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Coronavirus: ‘My name was used to steal a government Covid loan’

Mark Telling

Image caption

Mark Telling’s personal details were stolen to set up a bogus company

In June this year, Tellings Home Made Furniture Service “borrowed” £50,000 from a government Covid bail-out scheme.

There was just one problem. The company isn’t real – the loan went to a criminal gang, who will never pay it back.

Mark Telling, though, does exist and had no idea a company had been set up in his name.

When we told him his personal details had been stolen to set up a bogus company to steal money from the government, he was horrified.

“That’s crazy, shocking, it’s going to worry us to death,” he said.

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  • Arrest over £110k Covid small business loan fraud

Mark – who’s 47 and works in the building trade – and his partner are saving to buy a house.

“I don’t know what

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American Secures Larger Government Loan After Rivals Reject Cash

American Airlines Group Inc.


AAL 4.42%

said it would be able to borrow more than expected from the U.S. Treasury after rivals walked away from government loans, helping the airline shore up its cash reserves.

American said in a filing Friday that it has come to terms with the Treasury for a $5.5 billion term loan facility using its frequent flier program as collateral, and expects to be able to increase that to as much $7.5 billion—a 58% increase from the $4.75 billion government loan American was originally offered.

The airline has also raised money from investors and has said it would raise more, but it is relying more on government financing than some competitors. American came into the crisis with more debt than its peers and has said the government loan is the most efficient source of cash. It said Friday it had already drawn down $550 million of

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How Government Student Loan Debt Forgiveness Programs Create Huge Tax Debt

Those breathing a sigh of relief that their student loan debt is now in line with their income may want to re-evaluate the guidelines that set the income based payment in the first place. There could be a tax time bomb looming, slowly ticking away. And with America’s focus on student loan debt and job security, defusing it is not a big part of the policy discussion in Washington at the moment… but we have been keeping a watchful eye and our projections might shock you…

Should You Have to Pay Taxes on Forgiven Student Loan Debt?

If you’re enrolled in the income-based repayment program, should you have to pay income taxes on the loan balance that the government dismisses?

This potential tax bill is a byproduct of federal efforts, including the newly expanded income-based repayment program, that allow you to limit the monthly payments on most federal loans to … Read More