Air New Zealand to Slash Long-Haul Capacity by 85%, Cut Jobs
- Airline will suspend some U.S., Asia routes through June 30
- Shares in trading halt while firm assesses financial impact
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Air New Zealand Ltd. will slash its long-haul capacity by 85%, suspend some routes to North America and Asia and begin job cuts amid travel restrictions caused by the coronavirus pandemic.
Shares in the airline, which have declined 47% this year as the outbreak hits the aviation industry globally, were placed in trading halt Monday while the company assesses the financial impact of global travel restrictions, it said in a statement.