Australia rejected Qantas Airways request for US$2.7 bil. loan: Abbott
March 6, 2014, 12:10 am TWN
CANBERRA, Australia--Australia's government rejected a request from Qantas Airways for a US$2.7 billion unsecured loan to help the national carrier return to profitability, deciding instead to abolish foreign ownership restrictions, the prime minister said Wednesday.
In the wake of Monday's decision to allow greater foreign ownership of Qantas, Prime Minister Tony Abbott said his ministers had acted on expert advice from accounting firm PricewaterhouseCoopers to decide that Qantas did not need the line of credit.
"We sent in various experts to have a look at Qantas, and the conclusion that we came to based on their advice was that Qantas does not need an unsecured facility from the government," Abbott told Macquarie Radio on Wednesday.