Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Airwork loses bid for summary judgment against Skyline unit

Airwork loses bid for summary judgment against Skyline Enterprise’s subsidiary

April 4 (BusinessDesk) - Airwork Holdings, the aviation services firm which listed last December, has lost its bid for a summary judgment against Skyline Enterprise subsidiary The Helicopter Line over a disputed contract, and will pursue the matter at trial.

The Auckland-based company was seeking a $2.02 million judgment against The Helicopter Line for overdue invoices, interest and costs, something it said had a very high chance of success in its December offer document. The High Court in Invercargill turned down the claim for summary judgment, which required there be no prospect of a valid defence.

“Airwork still considers that it has a very good case despite the fact that it did not succeed at this first stage,” it said in a statement. “Airwork will continue to pursue the matter to trial and remains confident of success.”

The Helicopter Line refused to fly the eight Airwork helicopters and threatened to end a nine year lease, claiming Airwork breached the contract. Airwork valued the nine-year lease at $17 million in its prospectus, on the assumption there would be no further flying hours.

If Airwork is successful in its claim, it anticipates an increase in 2014 revenue of $2.2 million, and if the parties reach a commercial settlement, it predicts an increase in 2014 revenue of $1.9 million and $939,000 the following year, according to its prospectus.

The shares were unchanged at $2.80, and have increased 1.5 percent this year.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: