Broadband users may have to wait longer to find out whether a second submarine cable linking New Zealand to the United States will proceed.

Hawaiki Cable, founded by French businessman Remi Galasso, has been trying to secure financing for a US$300 million cable that would link New Zealand and Australia to the US, competing with the Southern Cross Cable network.

The Auckland firm is understood to be counting on financial support from New Zealand's Todd Corporation.

Galasso said all the pieces of the puzzle were coming together, but Hawaiki might need extra time to satisfy its “due diligence”.

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