Nuplex has had to extend a share offer after it failed to raise the money by the open of market trading on Wednesday.
The resins maker is trying to raise $110 million through a share placement and a rights issue. It is a trading halt until the close of the market on Thursday at the latest.
The company has been struggling to meet the conditions on its debt facilities. Late last year its banking covenants were breached after a sharp fall in the New Zealand dollar.
Bankers have now agreed to relax their covenant ratios, on condition the proceeds of the capital raising be used to repay debt.