'Strings attached': Governments offer financial lifelines to airlines, at a price by Jamie_Freed davidshepardson Follow the latest news on coronavirus with our live blog:
SYDNEY/WASHINGTON - Shattered airlines were left counting the cost of government support as politicians in the United States and New Zealand set out conditions for bailouts needed to absorb the shock of coronavirus.
“That puts us in a very good position over the next several months,” Air New Zealand chief executive Greg Foran told reporters of the loan, which it will not draw down immediately. “We would expect the airline industry will look different at the end of this. Not all airlines are going to survive.” Norway will back airlines with credit guarantees worth up to 6 billion Norwegian crowns , half of it to Norwegian Air Shuttle ASA , but conditions include raising money from commercial lenders and the equity market.
Even with financial assistance, airlines around the world are placing thousands of workers on unpaid leave, deepening the shocks to local economies. The airline said it had begun talks with unions about temporary lay-offs but did not have final numbers yet.
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