The company's share price dropped 35 percent following the announcement.
The airline is under pressure due to COVID-19
Phil Twyford made the announcement in Queenstown.
Air New Zealand alone is expected to lose around $4 billion.
The airport has lowered its earnings forecast by as much as $50 million due to coronavirus.
It comes after a spot audit on NZ's largest aviation maintenance provider, Oceania Aviation.
The Ethiopian investigators' draft report blames Boeing for 737 MAX plane crash.
The airline has reduced capacity across its entire network.
Family and friends set up white chairs on the lawn opposite the embassy to symbolise the victims.