Tranz Rail agrees ferry refinancing deal with Citibank

<p>Share trading in Tranz Rail has resumed on the New Zealand stock exchange after the operator successfully resolved refinancing concerns with one of its lenders.</p> <p>Trading was suspended on Thursday morning (November 21) after Tranz Rail failed to reach agreement with Citibank on the renegotiation of its lease and credit arrangements for the inter-island ferry <em>Aratere</em> .</p> <p>Agreement between the parties led to resumption in trading on Friday afternoon and now clears the way for NZ$66m rights issue.</p> <p>Tranz Rail chairman Wayne Walden said the company could now be confident of the future.</p> <p>"We have resolved our outstanding capital issues. We’ve nearly completed out change program," Mr Walden said. </p> <p>"Our operating performance is meeting forecasts and we are now well placed for future growth."</p> <br />