Airwork selling assets to reduce debt after $133m loan default

Airwork Holdings has managed to refinance. (Image: Supplied)

Mon, 02 Sep 2024

New Zealand’s largest general aviation company, Airwork Holdings, has successfully extended a US$83.35 million ($133.1m) and NZ$280,000 syndicated loan for five years after defaulting on the principal repayment at the end of July. Led by the Bank of New Zealand, the syndicate included the Commonwealth Bank of Australia’s NZ branch, Bank of China (Auckland), Industrial and Commercial Bank of China (NZ) and China Construction Bank’s NZ branch. It secured the April 2019 loan with the company’s assets as collatera...

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