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RNZ News
04-07-2025
- Business
- RNZ News
Russian seizures and growing debt see Airwork Group go into receivership
Photo: lenor/123RF Long-established air freight company Airwork Group has been placed into receivership. Airwork, whose New Zealand roots trace back to 1936, has a fleet of Boeing 737 freighters and operates an air freight, maintenance, and aircraft leasing business. The company was briefly listed on the stock exchange in 2013 before a Chinese company, Zhejiang Rifa Holdings, took it private in 2017. Brendon Gibson, Daniel Stoneman and Neale Jackson of Calibre Partners were appointed as receivers. They said the move was made after a shareholder breached the company's banking facilities during the sale of the business. "This step has been taken to facilitate a structured process to identify a new owner for the business," Gibson said. "The trading performance of the business underpins the strategy to continue to trade with the support of the financiers, customers, and key suppliers with a view of immediately commencing a going-concern sale process for the New Zealand and Australian businesses and assets." In recent years, Airwork racked up hundreds of millions of dollars of losses after five of its six Boeing 757 freighter aircraft were trapped and illegally seized in Russia after the country invaded Ukraine. That forced the company to write off its value, and it became trapped in litigation with its insurers. The company sold its helicopter operations in 2022 and has since sold several surplus aircraft and engines to try and stay afloat. More recently, Airwork defaulted on a USD$83.5 million bank loan. The company employs around 180 people in New Zealand and Australia. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
RNZ News
02-07-2025
- Business
- RNZ News
Airwork Group grounded: Russian seizures and growing debt sink NZ aviation firm
Photo: lenor/123RF Long-established air freight company Airwork Group has been placed into receivership. Airwork, whose New Zealand roots trace back to 1936, has a fleet of Boeing 737 freighters and operates an air freight, maintenance, and aircraft leasing business. The company was briefly listed on the stock exchange in 2013 before a Chinese company, Zhejiang Rifa Holdings, took it private in 2017. Brendon Gibson, Daniel Stoneman and Neale Jackson of Calibre Partners were appointed as receivers. They said the move was made after a shareholder breached the company's banking facilities during the sale of the business. "This step has been taken to facilitate a structured process to identify a new owner for the business," Gibson said. "The trading performance of the business underpins the strategy to continue to trade with the support of the financiers, customers, and key suppliers with a view of immediately commencing a going-concern sale process for the New Zealand and Australian businesses and assets." In recent years, Airwork racked up hundreds of millions of dollars of losses after five of its six Boeing 757 freighter aircraft were trapped and illegally seized in Russia after the country invaded Ukraine. That forced the company to write off its value, and it became trapped in litigation with its insurers. The company sold its helicopter operations in 2022 and has since sold several surplus aircraft and engines to try and stay afloat. More recently, Airwork defaulted on a USD$83.5 million bank loan. The company employs around 180 people in New Zealand and Australia. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Yahoo
03-04-2025
- Business
- Yahoo
Body Shop NZ enters liquidation with store closures and job losses
Cosmetics and beauty retailer The Body Shop's operations in New Zealand have entered liquidation, resulting in the cessation of all storefront operations and the loss of 70 jobs. An announcement on The Body Shop's website confirms that all bricks-and-mortar locations have ceased operations indefinitely, and the online store has halted order fulfilment. A statement on the website reads: "We extend our heartfelt gratitude to our valued customers for your unwavering support throughout the years. Your passion for our products and ethical values has meant everything to us." Official records from the New Zealand Gazette indicate that the liquidation process commenced on 27 March 2025, with Neale Jackson and Daniel Stoneman from Calibre Partners as its liquidators. The website states that: 'the undersigned does hereby fix 15 April 2025 as the date on or before which creditors of the company are to make their claims and to establish any priority their claims may have under section 312 of the Companies Act 1993'. Signals of distress were evident in January when The Body Shop NZ engaged voluntary administrators. It disclosed that efforts to find a purchaser for the New Zealand division had been unsuccessful, leading to initiatives aimed at selling off inventory and dismantling business activities. The company maintained a network of 16 retail outlets, employing 70 full-time staff, as reported by Radio New Zealand. According to the initial liquidation report, the company's total liabilities exceed $12m. The company possessed cash assets exceeding $2m, which are subject to the final costs of administration, as reported by local news media website Its parent entity in the UK avoided a similar fate in September 2024 when Aurea Group acquired its 113 UK stores and assumed control over its Australian and North American holdings. The Body Shop UK business was placed into administration in February 2024. "Body Shop NZ enters liquidation with store closures and job losses" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
