The Crown Standby Loan Facility agreed in March 2020 was a measure that provided the time for Air New Zealand to reposition its operations and facilitate the implementation of an optimal long-term capital structure. Mr Robertson said the amended loan agreement retained this expectation and the provision of the conversion of the loan to equity at the request of the Crown. "Air New Zealand's intention is that all amounts outstanding under the facility will be repaid from the proceeds of its proposed capital raise," he said.