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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news