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Air New Zealand's $2.2 billion recapitalisation package is being seen as the only way forward.
It plans to use it to repay the Crown loan.
The Government will participate in the raise to retain its majority 51 per cent shareholding.
Aviation commentator Irene King told Kate Hawkesby Air New Zealand really doesn't have any option.
She says the fallback is for the Government to inject more money, and then it brings into question whether Air New Zealand shouldn't be nationalised.