Airwork NZ (Auckland International) has "resolved" an overdue USD83,499,351 loan, according to an August 22 regulatory filing by Airwork parent entity, Zhejiang Rifa Precision Machinery Co., Ltd.
As ch-aviation recently reported, Airwork had failed to repay the syndicated loan by its July 31 due date. Last week's filing says this was because some terms of the loan renewal agreement were still subject to negotiation, resulting in the loan becoming overdue. The filing goes on to say that on August 22, talks between the board of directors and management of Airwork and the banking consortium resulted in a consensus on loan terms and an extension of the repayment date to July 31, 2025.
"Airwork has currently resolved the overdue loan issue," the filing says.
Rifa notes that Airwork will continue to implement several measures to improve its financial situation and alleviate loan pressure, including selling some aircraft-related assets, accelerating the recovery of funds, improving debt repayment capacity, improving operational flexibility, reducing operating risks, and ensuring the company's stable development.
Airwork owns Airwork Flight Operations (AWK, Auckland International), which operates 15 aircraft, including two B737-300(F)s, one B737-300(SF), and twelve B737-400(SF)s - although eight of these, including both -300(F)s and the -300(SF), are AOG. The aircraft fly domestic and trans-Tasman sectors, including doing work for Qantas Freight (Sydney Kingsford Smith) and Toll Aviation (TFX, Brisbane Archerfield).
