Airwork wins $2M in court case
Airwork Holdings, the aviation industry service provider, won its claim in the High Court against Totally Tourism's The Helicopter Line unit over a helicopter supply deal that soured.
The High Court on Tuesday ruled in favour of Airwork's Heli Holdings subsidiary, ordering The Helicopter Line to pay just over $2 million plus interest from September 2013, though costs will be dealt with separately, the company said in a statement.
Airwork hadn't previously recognised the earnings subject to the claim, and today said it will consider the ruling's impact on its 2016 financial statements.
The dispute arose when The Helicopter Line refused to fly eight Airwork helicopters and threatened to end a nine-year lease, claiming Airwork breached the contract. The hearing was held in Invercargill last year, having first been filed in late 2013.
Airwork's shares were unchanged at $4.80 and have gained 23 percent this year.