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A failed attempt at purchasing Virgin Blue was the final straw, and on 12 September, out of both time and cash, Air New Zealand placed Ansett Australia into voluntary administration, following which Ansett was forced to cease operations. Air New Zealand announced a NZ$1.425 billion operating loss. [19]
This is a list of destinations served by Air New Zealand, the flagship air carrier of New Zealand. The airline serves 28 [ 1 ] international passenger destinations in 18 countries and territories. Along with 20 domestic destinations are served.
Tasman Empire Airways Limited (1940–1965), better known by its acronym TEAL, is the former name of Air New Zealand. [1] [2]TEAL was formed by the Intergovernmental Agreement for Tasman Sea Air Services (also known as the Tasman Sea Agreement), which is a treaty signed by the governments of the United Kingdom, Australia, and New Zealand in London on 10 April 1940. [3]
Meanwhile, Air New Zealand's financial position was deteriorating, and Ansett was losing market share to both Qantas and a new entrant on the Australian domestic market [citation needed], Virgin Blue. The Air New Zealand board decided that the answer was to still spend more money, and buy Virgin Blue as well as Ansett.
By October 2016, Air New Zealand sold its remaining 2.5 percent stake for A$65.7 million to investors including the Nanshan Group. [42] On 4 April 2018, Air New Zealand announced the end of the code- and revenue-sharing partnership with Virgin Australia, effective 28 October 2018. [43]
Ansett Australia then had to divest itself of Ansett New Zealand to avoid creating a monopoly. [9] In February 2000, Air New Zealand acquired full ownership of Ansett, buying out News Corporation's stake for A$680 million, surpassing Singapore Airlines's A$500 million bid. [10]
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