A $110 million lifeline for Nuplex is in doubt after it failed to raise the money by the time market trading opened on Wednesday.
Analysts say the lack of interest could be a sign of unsettled markets, but it's urgent the resins maker raises the capital.
Nuplex has extended its offer date in the hope of raising the money it needs from institutional investors, before it takes an offer to retail investors.
It is trying to raise the money through a share placement and a rights issue, and is on a trading halt until the close of the market on Thursday at the latest.
Nuplex has already discounted its offer from 65 cents per share to 50c.
The company has been struggling to meet the conditions on its debt facilities. Its banking covenants were breached late last year after a sharp fall in the New Zealand dollar.
Its bankers have now agreed to relax its covenant ratios, on the condition the proceeds of the capital raising be used to repay debt.