iscover
ASL Airlines Australia has acquired NZ-based Airwork’s New Zealand and Australia freight business in a provisional deal.
The company announced this week that it had entered into a conditional Sale and Purchase Agreement (SPA) for Airwork, which entered receivership in July 2025.
This content is available exclusively to Australian Aviation members.
A monthly membership is only $5.99 or save with our annual plans.
- Australian Aviation quarterly print & digital magazines
- Access to In Focus reports every month on our website
- Unlimited access to all Australian Aviation digital content
- Access to the Australian Aviation app
- Australian Aviation quarterly print & digital magazines
- Access to In Focus reports every month on our website
- Access to our Behind the Lens photo galleries and other exclusive content
- Daily news updates via our email bulletin
- Unlimited access to all Australian Aviation digital content
- Access to the Australian Aviation app
- Australian Aviation quarterly print & digital magazines
- Access to In Focus reports every month on our website
- Access to our Behind the Lens photo galleries and other exclusive content
- Daily news updates via our email bulletin
According to ASL, the deal “remains subject to the completion of final-stage due diligence and the satisfaction of customary conditions”, and “certain commercial details also remain to be finalised”.
“This is expected to be an exciting development for ASL and a welcome step forward in our operations,” said Stefan Oechsner, CEO and managing director at ASL Airlines Australia.
According to receivers Calibre Partners, Airwork is “one of the largest Aircraft, Crew, Maintenance and Insurance freighter operators in Australia and New Zealand”, having been founded in 1936, with the company incorporated in 1984.
Its website describes it as “a global aviation provider with the unique capability to provide a fully tailored service from heavy maintenance and engineering through to operations and charter of aircraft”.
“We own, operate, lease, maintain, upgrade and support fixed wing aircraft. So, for our clients, we provide a complete solution according to their requirements,” it says.
In their first report last September, the receivers said the company had entered receivership owing around NZ$145 million to creditors, after “defaults occurred under the relevant loan facilities”.
“The Airwork Group faced financial difficulties due to the loss of five leased aircraft in Russia following the Russian invasion of Ukraine, leading to loss of revenue and significant asset impairments. An insurance claim is being actively pursued in respect of the loss of these aircraft,” they wrote.
“[It also faced] challenging trading conditions due to the loss of customers, most recently as a result of concerns about the Group’s financial stability; and debt levels that were unsustainable.”
The receivers have continued business-as-usual trading since their appointment, while selling off surplus assets.
ASL Airlines Australia, formerly Pionair, is based at Bankstown Airport and offers passenger and cargo charter and wet-leasing services across Australia, New Zealand and the Pacific Islands. Ireland-based ASL Aviation Holdings bought and rebranded Pionair in 2023.
Want to see more stories from trusted news sources?
Make Australian Aviation a preferred news source on Google.
Click here to add Australian Aviation as a preferred news source.
