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

 

Finance: Major Campaign To End "Gross Overtaxation Of Savings"

The campaign – which includes a special web site through which New Zealanders can e-mail their own and other MPs and party leaders – is backed by Age Concern, Consumer NZ, the Financial Services Council and the Taxpayers’ Union. More>>

ALSO:

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news