Tranz Rail share trading halted

The shares last traded at $1.28, unchanged on yesterday's close, after hitting an all-time low of $1.22 earlier this month.

The national rail and Cook Strait ferry operator is expected to brief the market today on its financial arrangements with lenders over the Aratere ferry.

Tranz Rail is seeking to raise $66 million through a five for seven rights issue at 75 cents a share to meet obligations under a lease deal for the Aratere and to secure bank facilities.

Trading of the rights issue is due to open on November 25, with the offer due to close on December 13.

The new banking facilities had been expected to be approved yesterday, but chief financial officer Wayne Collins told The Dominion Post that the process had been delayed overnight to match the time zone of lenders in the United States.

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