Origin Pacific winds up freight ops.
Origin Pacific to wind up
9.30am Friday September 15, 2006
Collapsed regional airline Origin Pacific said today it had failed to find a buyer for its freight business and was taking steps to wind the company up.
In a statement on its website, the company said it had attempted to find a buyer for its freight business, which had been trading profitably.
Several parties had checked the books and two had placed conditional offers, but the parties were not able to negotiate mutually satisfactory terms in the time available.
The Nelson-based airline closed its passenger services on August 10 after time ran out to find more than $5 million in capital to keep flying.
It had been struggling in its competition on the regional routes against Air New Zealand, since losing its partnership with Australian airline Qantas in 2004.
"The company is now taking advice on the appropriate steps towards winding up," it said in today's statement, adding it was unable to make further comment at this stage.
At the end of last month, the airline said it would resume charter services which had been profitable.
The freight business largely consisted of the rights to the cargo space on Qantas domestic Boeing 737 services and a nightly Qantas 767 freighter between Auckland and Christchurch.
- NZPA
Dosen't look good for holiday / redundancy pay.