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Insolvent plane maker Pacific Aerospace owes creditors $2 15m, assets in jeopardy , High Court judgement says
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Plane maker Pacific Aerospace owes creditors $2 15m, assets in jeopardy , court finds
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Pacific Aerospace goes into liquidation
23rd February 2021 9:08 Europe/London
The dream of expansion for New Zealand aircraft maker Pacific Aerospace after forming a joint venture with China’s Beijing Automotive four years ago is over. The Hamilton-based company has gone into interim liquidation.
It’s not clear yet what the interim liquidation means for staff and the company’s future. In the meantime, the NZ CAA has said Pacific Aerospace aircraft can continue to fly “despite the company’s financial distress”. Howver, the
CAA has suspended the company’s certifications which allow it to design, manufacture and maintain aircraft.
Pacific Aerospace’s main aircraft is the P-750 XSTOL, a multi-purpose aircraft that can take off and land on short and rough airstrips. It’s used by parachute operators and also for humanitarian flights, medevac, and search and rescue. One is in operation in the UK at Hinton-in-the Hedges.
Covid and exiting shareholders brought Pacific Aerospace to earth
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Bancorp in the background as Hamilton aircraft maker struggles.
A new security interest was registered against the assets of insolvent Hamilton company Pacific Aerospace on the day an interim liquidator was appointed last week.
Documents filed to the Personal Property Securities Register show Oceania Aviation, an aircraft sales and services company with a base at Hamilton Airfield, registered a security interest over all Pacific Aerospace’s assets on February 12.
The security collateral also included aircraft parts supplied to Pacific Aerospace as well as “all proceeds arising from that property”.
Oceania Aviation is owned by aircraft finance and leasing company Salus Aviation and controlled by Bancorp Group company Castlerock Capital.