Air New Zealand Reassures Origin Pacific Customers

Media Release
10 August 2006

Air New Zealand Reassures Origin Pacific Customers

Air New Zealand today announced it would support Origin Pacific customers in the event the regional carrier decides to terminate any of its passenger services as it seeks to overcome financial challenges.

Origin’s founder Robert Inglis informed the public yesterday that his airline was in need of a substantial cash injection.

Air New Zealand’s Chief Financial Officer, Rob McDonald, said it appeared Origin would have some tough decisions to make.

“If those decisions mean that some customers see their travel arrangements affected, Air New Zealand will try and accommodate them on its own services, if satisfactory arrangements can be made with Origin,” said Mr McDonald.

ENDS

Note: Air New Zealand (as one of several creditors) supported a restructure plan to keep Origin operating in 2004. Air New Zealand forgave 60 percent of debt and deferred payment of another 40 percent of debt as part of this rescue package.

The Compromise With Creditors Under Part X1V, Companies Act 1993, contains the following statement:

The interests of the travelling public are protected in a number of ways. Payments made for tickets in advance of travel, in cash or by cheque, are held in a separate Trust Account. Tickets paid for by credit card are protected through a credit card merchant agreement, secured under facilities with ANZ. Travel agents who accept bookings are not billed by Origin until the travel has been availed by their customer. Accordingly, any pre-paid travel will be honoured in full by Origin.

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