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Origin wins Air NZ support.
(From The Dominion Post)
Byline: Van den BERGH Roeland
ORIGIN PACIFIC has won the support of its main competitor, Air New Zealand, in its bid to survive a financial crisis.
Air New Zealand, which supplied engineering services to the Nelson-based regional carrier, confirmed its support last night.
Origin owes $11.4 million to 70 main creditors. In a rescue proposal to those creditors, Origin has offered to pay 40 cents in the dollar during the next five years.
Air New Zealand spokesman Glen Sowry said while Origin's offer was not ideal, it was the best on the table. He said the amount owed was "at least twice" the $338,000 earlier …
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