Air NZ goes into trading halt ahead of expected capital raising announcement

Air New Zealand CEO Greg Foran.
Air New Zealand CEO Greg Foran. Photo credit: Getty Images / AM

Air New Zealand has put a halt on trading of its shares on the NZX as of 4pm today.

The move means the airline is likely just hours away from announcing its long-awaited billion dollar capital raising.

"The trading halt has been put in place pending release of a material announcement in relation to [Air NZ's] recapitalisation plans," a note on NZX reads.

The airline has twice delayed equity raising due to the effects of COVID-19, but the recent reopening of Aotearoa's borders has likely installed confidence at the airline that it's the right time to make the move.

Air NZ Chair Dame Therese Walsh and CEO Greg Foran will host a media briefing in Auckland at 6:30pm on Wednesday in relation to the recapitalisation plans, the airline said.

Foran recently said the airline had brought back around 250 cabin crew and pilots, as well as returning one of its Boeing 777-300s to service, a move that was seen as highly unlikely just 18 months ago.

The Australian Financial Review earlier this month reported that Air NZ hired UBS, Citi and Forsyth Barr to execute its plan to raise approximately $1.3 billion in capital by the end of March.