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New Zealand Airline Plans to Raise $1.5 Billion to Rebuild

Air New Zealand passenger planes parked on the tarmac at Auckland International Airport in Auckland, New Zealand, Wednesday, March 23, 2022. New Zealand's flagship airline on Wednesday, March 30, 2022, announced a plan to raise $1.5 billion to hire more staff, buy new planes and expand its routes as it seeks to rebuild from deep losses caused by the coronavirus pandemic. (AP Photo/Mark Baker, File)
Air New Zealand passenger planes parked on the tarmac at Auckland International Airport in Auckland, New Zealand, Wednesday, March 23, 2022. New Zealand's flagship airline on Wednesday, March 30, 2022, announced a plan to raise $1.5 billion to hire more staff, buy new planes and expand its routes as it seeks to rebuild from deep losses caused by the coronavirus pandemic. (AP Photo/Mark Baker, File)

Wellington, New Zealand (AP) -- New Zealand's flagship airline on Wednesday announced a plan to raise $1.5 billion to hire more staff, buy new planes and expand its routes as it seeks to rebuild from deep losses caused by the coronavirus pandemic.

Air New Zealand's shares were put in a temporary trading halt ahead of the announcement. As well as being used to invest in the business, some of the new money would be used to pay back government loans.