ASL Airlines Australia abandons plans to buy Airwork NZ

By Andrew Curran.

A conditional agreement by ASL Airlines Australia to buy New Zealand’s Airwork has been abandoned, according to a September 7 receivers’ report. The receivers, Neale Jackson, Brendon Gibson and Daniel Stoneman of Auckland’s Calibre Partners, now say they expect to sell the freight business by the end of the first quarter of 2027.

“The sale process has continued for longer than initially anticipated, as a conditional agreement entered into to sell the business did not complete,” the latest receivers’ report reads.

Aero South Pacific reported on the conditional sale agreement earlier this year.

“This is expected to be an exciting development for ASL and a welcome step forward in our operations,” ASL Airlines Australia CEO Stefan Oechsner said at the time.

Aero South Pacific has contacted ASL Airlines Australia for comment.

Airwork NZ continues for operate flights for Qantas and Parcelair

Airwork, which has continued operating during the receivership period, flies a fleet of B737 freighters for various clients around Australia and New Zealand. Earlier this decade, the company experienced a series of financial blows, including the loss of five leased aircraft in Russia following the Russian invasion of Ukraine, the loss of customers concerned about Airwork’s ability to service contracts due to its widely publicised financial challenges, and ongoing unsustainable debt levels that ultimately led to a series of defaults.

In mid-2025, a banking consortium led by the Bank of New Zealand pulled the plug and had the airline’s parent entity, Airwork Holdings Limited, and four associated entities placed into receivership. Several months later, Airwork Ireland Limited was also placed into receivership, with control passing to Calibre Partners.

Flight tracking data shows that Airwork continues to operate freighter flights for Qantas and Parcelair, among other customers.

Receivers sell surplus aircraft engines, other assets under contract

The receivers say creditors were still owed USD77.2 million at the time of finalising their most recent report. Since taking on the receivership, Calibre Partners has moved to dispose of assorted non-core assets, with the proceeds from the engine sales went straight to the secured creditors. Other assets are also under contract. 

“We continue to expect the realisation of assets surplus to the freight operations will extend beyond the reporting period,” the receivers added.

“It is still too early to confirm if there will be surplus funds available to distribute to unsecured creditors.”

ASL Airlines Australia recently announced that it would be adding four more jets to its two-strong local fleet of B737 freighters. The first of those aircraft, EI-HRB (msn 32686), is coming from ASL Airlines Ireland. Both Airwork's prospective buyer and ASL Airlines Ireland are owned by Ireland-headquartered ASL Holdings Limited.

You can read the latest Airwork New Zealand receiver's report here.

Photo: Airwork New Zealand.
Contact the writer: andrew@aerosouthpacific.com