Loans breach tips struggling Airwork Holdings into receivership

Airwork’s bankers have run out of patience. (Image: NZME)

Wed, 02 Jul 2025

Receivers moved into Airwork Holdings and related companies on Wednesday after the patience of its banking consortium ran out following a loans breach for the second year in a row.Led by Bank of New Zealand, the syndicate, including 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 is owed US$83.5m (NZ$136.78m).Airwork’s parent, China’s public listed Zhejiang Rifa Precision Machinery (RPM), defaulted on the loan last...

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