Origin Pacific director confident rescue deal will be passed

1.00pm

Origin Pacific managing director Robert Inglis is confident the airline will get the creditor support it needs to pass a rescue deal when the votes are tallied later today.

Mr Inglis said this morning that about half the 345 creditors had returned their response forms ahead of today's 5pm deadline.

Those received showed "extremely strong support" for the deal, which offered to pay creditors 40 cents in the dollar in the next five years.

People owed less than $10,000 would be paid in full.

"At this stage it's been overwhelmingly in support of the agreement," Mr Inglis said.

Nine of the airline's major creditors have already publicly indicated they would support the deal, including Wellington International Airport, Christchurch International Airport and Air New Zealand engineering.

Nelson Airport Ltd chairman Ian Kearney said Nelson Airport was owed about $83,000 from Origin Pacific, and had already pledged its support for the deal.

He did not want to speculate on the outcome from tonight's vote count, but hoped it would go in Origin Pacific's favour.

"We think they will have the support. For the travelling public of New Zealand, Origin is really very important. And for Nelson they are a major employer."

Nelson Mayor Paul Matheson was also confident Origin Pacific would get the support it needed.

Mr Matheson said he had heard nothing but positive comments about the airline, and trusted creditors would "get on board".

"What have they got to lose? At least they have got the chance to get something back if they give their support."

Under the proposal all tickets would be honoured, and money already paid to buy tickets was held in a trust account.

To be binding, the rescue plan needs to be approved by 75 per cent of creditors by value of debt and at least 50 per cent in number.

Mr Inglis said the outcome of the vote count would be announced on Monday.

The future of the airline's 450 staff would also be confirmed on Monday when workers should have received their redundancy notices, which were being distributed today.

It was expected that up to a quarter of staff would be laid off.

- NZPA