News Release

Thursday, 8 November 2001

Ansett Administrators force ANstaff to put bid on hold

The unnecessary acceptance of the Fox / Lew bid for the sale of Ansett Holdings Pty Ltd by Ansett Administrators, Mark Mentha and Mark Korda today means ANstaff will not lodge its bid until further notice. The Administrators were aware that the ANstaff bid was scheduled for lodgement on Friday November 9.
Graeme McMahon, former Chief Executive of Ansett, and adviser to ANstaff, said ANstaff did not believe the Fox/Lew bid would be in the best interests of the Ansett creditors, particularly the 16,000 Ansett staff. Mr McMahon said, "we have met with them on several occasions, and are not satisfied the plan is viable or capable of providing sufficient employment."

" We call on the Administrators to release details of the Fox/Lew bid so all staff and creditors can be satisfied that the bid is in their best interests. Our objective remains to get Ansett back flying in a competitive position and give back as many jobs as possible," Mr McMahon commented.

Michael Jones, an adviser to ANstaff, said the hasty decision by the Administrator was disappointing and ANstaff would be seeking legal advice as to whether due process had been followed, and until we have received that assurance we will not be submitting our final bid.

"Graham and I will be telling staff at a series of meetings about the next steps early next week, including giving an update on the ANstaff bid," Mr Jones continued. "Additionally, we have been in contact with our backers and to date they remain committed."

"ANstaff will continue to finalise its bid, after careful review of any government assurances or guarantees given to the Lew / Fox syndicate.

"There is a lot more water to flow under the bridge. The Administrators' decision to sell will have to be approved by the creditors and current information suggests that the next creditors meeting will be in December. It may also need to be approved by the Federal Court.

NB: See our press releases at www.apa.asn.au

Media Enquiries: Anna O’Sullivan
Deloitte National Media
Phone: (03) 9208 6951
Mobile: 0414 846 680
Armon Hicks
Deloitte Communications
Mobile: 0414 981 372

Luke Smith
Vice President,
Ansett Pilots Association
Mobile: 0438-418 476

Contact Email: anosullivan@deloitte.com.au
Website Address: www.deloitte.com.au

Hope there is still a chance for AN Staff. They would keep as MUCH as they can......... If they won it!

So, is there any chance still? I am sure they will do something, rather than sitting down doing nothing. Go AN Staff!