From the Companies Office website I have found the following information on the disposal of the air2there assets... The receivers' report notes,
There is a cross guarantee dated 22 April 2013 to which Air
Wellington Limited (In Receivership), Air2there.com (2008) Limited (In Receivership
and in Liquidation), Kingair Limited (In Receivership) and Richard Charles
Baldwin (Receivers appointed over specific assets) are a party. The level of
indebtedness each entity may be required to meet under this agreement is
unknown, although the total Group debt is $3.3m.
Unsecured creditors are not
expected to receive a distribution of funds.
In regards to air2there the receivers' report notes;
Air2there had three employees, all of whom were made redundant prior to our
appointment. The Company records show a preferential claim of c.$40k
outstanding to employees.
During the period covered by this report (23 November 2018-22 May 2019) we have realised
the majority of the fixed assets owned by the Company, including IT equipment,
office furniture, commercial kitchen equipment, a fuel tanker trailer, and
miscellaneous aircraft parts. The receivers are still marketing the remaining
fixed assets of the Company for sale.
In addition, the company owns 50% of the shares in J32
Leasing Limited. Discussions are ongoing with the other shareholder (Originair
Ltd) regarding this asset.
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| A couple of people arrived at Paraparaumu today in Mooney ZK-CKF to check out Jetstream 32 ZK-ECI... is something about to happen with Originair??? |
In regards to Air Wellington the receivers' report notes;
During the period covered by the report (23 November 2018-22 May 2019) the receivership
disposed of the 1997 Cessna 208B Grand Caravan (ZK-MYH) and miscellaneous
aircraft parts and spares relating to the aircraft following a comprehensive
sales and marketing process.
In regards to Kingair Ltd the receivers' report notes;
Beechcraft King Air B200 ZK-MYM is located in Napier, and
was subject to a workers lien along with aircraft parts and spares relating to
the above aircraft and its engines. While no sale was agreed during the period
covered by this report (23 November 2018-22 May 2019), a conditional sale and purchase agreement for the
disposal of the aircraft was entered into subsequent to the reporting period.
In order to satisfy the conditions of the sale and purchase agreement the
receivers are overseeing maintenance on the aircraft to return it to an
airworthy status. This maintenance is being funded through funds transferred
from other entities within the group and with the approval of the major
creditor. The receivers will seek to complete the sale of the aircraft, after
which all property subject to the receivership will have been disposed of.
i thought eci was owned by air national
ReplyDeleteIt used to be before OriginAir picked it up under Air2there's AOC. ECJ is the same but that one is still in Air National colours and just sits in the main hangar at PPQ for parts towards ECI and JSH
DeleteZK-MYS PA31-350 c/n 31-7652032 noted 04/08/19 in pieces at Foxpine, presumably breaking for spares
ReplyDeleteTricky situation for Originair. If they can't come up with the capital to buy out the other 50% shares or the receivers can't find another buyer J32 Leasing Limited may also have to be wound up. One assumes the reason for the shared ownership in the first place was insufficient capital to own the fleet outright.
ReplyDeleteIf the shares fall in the hands of a hostile owner (eg creditor wanting to cash up not ownership) the same may happen. Difficult times.