Information release

Air New Zealand Recapitalisation Information Release

In April 2002 the Treasury released information relating to the Government's recapitalisation of Air New Zealand.

On 27 November 2001 the New Zealand Government finalised an agreement to contribute capital to Air New Zealand of $885 million giving the Crown an 82% ownership stake in Air New Zealand.

The first $300 million of that amount was provided as loan monies to Air NZ in October 2001 from which $150 million was paid to the administrator of Ansett to settle the claims of the Voluntary Administrator (for Ansett) against Air NZ. In November 2001 the Government announced that it would pay 27 cents a share for the second tranche ($585 million) of the recapitalisation package. The loan of $300 million would be converted to (voting) convertible preference shares at 24 cents per share. The Government also made a commitment to provide up to $150 million in further funding before June 2003.

Papers in This Release#

The papers included in this information release comprise:

  • formal reporting by the Treasury to the Minister of Finance
  • formal reporting by the Ministry of Transport to the Minister of Transport
  • officials' internal papers on the feasibility and pros and cons of statutory management as an option for Air NZ
  • correspondence between Ministers and airlines (Air NZ, Singapore Airlines, Qantas)
  • correspondence between other parties, for example Cameron & Co, airlines, Brierley Investments
  • consultants' reports (Cameron & Co and PA Consulting Ltd).


Some deletions have been made to the papers in order to protect commercially sensitive information that could prejudice Air New Zealand if acted on by certain interested parties (eg competitors).

Documents in Date Order#

The papers are recorded in date order.  The first paper is dated 19 March 2001 and the most recent is 7 December 2001.  There are 128 papers so they have been organised into three groups: