Air New Zealand asks for suspension of share trading

The Acting Chairman of Air New Zealand, Dr Jim Farmer, says the airline will recommend to the New Zealand Stock Exchange that trading in the company's shares be temporarily suspended until negotiations on the recapitalisation of the company are concluded.

"While the company and its major shareholders have reached general agreement on a formula for recapitalising Air New Zealand Limited, this agreement cannot be concluded before late tomorrow morning."

Dr Farmer said Air New Zealand expects its negotiations with its major shareholders - Singapore Airlines and Brierly Investments Limited - and the Government to be concluded before the release of its annual results at noon tomorrow.