 Air New Zealand's stake would become 22.5%, Etihad would hold 21.8%, Singapore Airlines 20.1% and Virgin Group 8.7%.A month later Air New Zealand sold 19.9% of VAH to Nanshan Group (majority owner of Qingdao Airlines); and in October, Air New Zealand sold its remaining 2.5% of VAH to Nanshan Group (majority owner of Qingdao Airlines).A month later Virgin Australia CEO John Borghetti wrote to the airline's pilots to reassure them the airline was in a sound financial position following publication of a report suggesting the airline was approaching insolvency.