Airwork Holdings Secures Loan Extension Amid Repayment Challenges

Airwork Holdings Limited (NZX: AIR), New Zealand's largest general aviation company, has successfully extended its US$83.35 million and NZ$280,000 syndicated loan for an additional five years after defaulting on the principal repayment in July. The loan syndicate, led by Bank of New Zealand, includes several major banks such as Commonwealth Bank of Australia, Bank of China, Industrial and Commercial Bank of China, and China Construction Bank. The loan, originally secured in April 2019, is backed by Airwork’s assets. Despite the extension, the loan's default highlights the challenges faced by the company in maintaining its financial obligations.

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