Airwork Selling Assets: Addressing Debt After $133 Million Loan Default
Sunday, 1 September 2024, 10:03
The Financial Landscape for Airwork
Airwork Holdings, New Zealand’s largest general aviation company, faces significant challenges following a $133 million loan default. In response, the company is selling assets to better manage its obligations and enhance its financial strategy.
Strategic Changes Following Default
- Extended Loan Terms: Airwork has successfully secured a five-year extension on its US$83.35 million (£133.1m) and NZ$280,000 syndicated loan.
- Asset Management: The decision to sell assets is part of a broader strategy to reduce debt and improve liquidity.
- Market Confidence: These moves aim to restore investor confidence and stabilize operations.
Future Outlook for Airwork
Despite facing significant hurdles, Airwork's proactive measures signal a commitment to financial recovery and ongoing market participation. Their plans will be closely monitored as they navigate these turbulent times.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.