=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2002/03/18/f= inancial2327EST0399.DTL ---------------------------------------------------------------------- Monday, March 18, 2002 (AP) Air New Zealand rejects claims it asset stripped Ansett subsidiary (03-18) 20:27 PST WELLINGTON, New Zealand (AP) -- Air New Zealand will vigorously defend itself against allegations it stripped assets from its collapsed subsidiary Ansett Australia, chief executive Ralph Norris said Tuesday. The Australian newspaper reported Tuesday that Ansett's administrators a= re considering legal action against Air New Zealand based on claims of asset stripping detailed in a creditors report. Norris said the allegations are "groundless rumors" circulated when anger about Ansett being put into voluntary administration last September was at its peak. "We are disappointed to see the Ansett administrators reviving allegatio= ns of asset stripping and inappropriate charging after reaching agreement with us to settle all claims," Norris said. Air New Zealand paid the administrators, Andersen Ltd., $77.7 million to settle all claims related to Ansett. Norris said Air New Zealand doesn't know of any grounds for legal action and will ask the administrators to provide their reasons for telling creditors the matter justifies further investigation. After the collapse of Ansett, Air New Zealand was rescued with a taxpayer-funded $372 million equity injection which gave the government an 82 percent stake. The airline also said Tuesday it is considering its options for raising capital later this year, including a rights issue. The company said the various alternatives are being considered by management and the board has yet to assess a final proposal. Norris said earlier up to $86 million could be raised through the issue. =20 ---------------------------------------------------------------------- Copyright 2002 AP