Freightways Group (ASX:FRW, NZE:FRW) said it was aware of receivers being appointed to Airwork and certain units of the firm, and the receivers plan for Airwork to continue to trade as a "going concern," according to a Wednesday bourse filing with the Australian and New Zealand bourses.
Airwork and Freightways are joint venture partners in Parcelair, which provides services to the Freightways network, per the filing. Both firms hold a 50% stake in the joint venture through subsidiaries.
Freightways said it will continue to closely monitor the situation with Airwork and, if necessary, the firm has a contingency plan which can be implemented "on short notice and with minimal operational impact."
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.