ASL Airlines Australia has signed a sale-and-purchase agreement for the takeover of troubled group Airwork’s New Zealand and Australia freight business.
In a short statement, ASL said that the proposed transaction remains subject to the completion of the final stage due diligence and the satisfaction of customary conditions. Terms were not disclosed.
“This is expected to be an exciting development for ASL and a welcome step forward in our operations,” said Stefan Oechsner, chief executive and managing director at ASL Airlines Australia.
Airwork Holdings – excluding its Airwork Flight Operations, Airwork Personnel and AFO Australia businesses – went into receivership in July of last year, followed by certain assets of Airwork Ireland in September.
The company’s financial difficulties were caused by the loss of five leased Boeing 757 aircraft in Russia following the Russian invasion of Ukraine; challenging trading conditions due to the loss of customers; and unsustainable debt levels.
“Airwork is gradually recovering from the significant and unforeseen event in 2022, when western sanctions on Russia, resulting from the Russia-Ukraine conflict, materially impacted the business,” the company said in a recent financial report.
“These sanctions led to the legally required termination of six aircraft lease arrangements with a Russian customer. Five of Airwork’s aircraft remain under the illegal control of the Russian operator. These aircraft have been fully impaired and remain the subject of an ongoing insurance claim.”
According to Planespotters.net, the airline currently operates five Boeing 737-400 aircraft, with a further two of the model parked, along with a single 737-800.
ASL Airlines Australia was formerly known as Pionair Australia. ASL Aviation acquired Pionair in 2023 and rebranded it the same year to align with other ASL units.
The purchase allowed ASL to expand into the Australian and Oceania markets. The company has been focused on modernising its fleet and in July last year took delivery of a second 737-800 converted freighter.
In total, the carrier operates eight aircraft with the rest of its fleet made up of BAe 146-200QT and BAe 146-300 aircraft.
Services offered by the airline include ACMI and charter operations.
