Good Spirits Hospitality has announced that its term loan facility has expired and the company is now in default on the loan.
The outstanding amount on the loan is $19.25 million.
No further details were provided in the announcement.
See moreThe business is reportedly being hit hard by increasing air freight industry competition.
The S&P/NZX 50 Index rose 97.07 points, or 0.8%, to 12,447.68.
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