wirraway
Posts: 1294
Joined: Sun Mar 25, 2001 4:32 am

Qantas Say NO To AirNZ

Wed Sep 12, 2001 1:27 pm

Breaking: Qantas say NO to AirNZ , more to follow
 
wirraway
Posts: 1294
Joined: Sun Mar 25, 2001 4:32 am

RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 1:30 pm

Wednesday September 12, 11:45 AM

QANTAS Says Will Not Buy Assets of Ailing Ansett
SYDNEY, Sept 12 Asia Pulse - Qantas Airways Ltd (ASX:QAN) today said it would not purchase the assets of the stricken airline Ansett.
Qantas chief executive Geoff Dixon said Ansett's problems were far to great for the airline to take on.



After discussions with the Australian Government and the Australian Competition and Consumer Commission, Qantas undertook an examination of the Ansett Group of Companies yesterday.

Qantas Chief Executive Officer, Geoff Dixon, said Qantas had looked closely at Ansett in the limited time available.

"While understanding the difficulties facing Ansett staff, we could not, in any way, find a way to go forward with a purchase. Ansett's problems are far too great for Qantas to take on," he said.

Ansett is a subsidiary of Air New Zealand Ltd (ASX:AIZ).

Qantas Chairman Margaret Jackson said the board had met three times in the past three days to consider the purchase.

"This has been a difficult decision because of the national interest issues," she said.

However, the Board was conscious of its responsibility to Qantas shareholders and staff and the economics of the proposal, she said.

"While we would have liked to have assisted in keeping Ansett flying in some form, the implications for our own balance sheet and future profitability must come first," she said.

Mr Dixon said the acquisition would have been "a negative for Qantas".

ASIA PULSE


 
wirraway
Posts: 1294
Joined: Sun Mar 25, 2001 4:32 am

RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 1:40 pm

Air NZ to liquidate Ansett

Air New Zealand now plans to liquidate Ansett and form a new cut-price airline.

Air New Zealand is seeking an urgent response from the Australian Government on a proposal that it underwrite the operations of Ansett on a temporary basis.

It says the move would help save jobs.

Air New Zealand also says it will establish a new low-cost, low-fare airline to be called Ansett Two to compete with Qantas and Virgin Blue in Australia.

 
zanadou
Posts: 334
Joined: Wed Nov 01, 2000 12:16 pm

RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 1:48 pm

Been told that the WTC events have prompted this as well becasue of a global slump in world wide airline invenstments in the last 24 hours.

...I'm due to fly on Ansett on the 24th of Oct. I wonder when I'll see my money...  Sad

--->Zanadou!
 
GuyBetsy1
Posts: 807
Joined: Thu Aug 16, 2001 4:00 am

RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 2:02 pm

ANSETT 2 ??????

What's wrong with ANSETT ?

What's wrong with AIR NEW ZEALAND?

DO they think that anybody will still continue to fly to/from Australia on them?
 
wirraway
Posts: 1294
Joined: Sun Mar 25, 2001 4:32 am

RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 2:04 pm

Air New Zealand to Liquidate Ansett; Seeks Temporary Help From Australia
By Margreet Dietz


Sydney, Sept. 12 (Bloomberg) -- Air New Zealand Ltd. has asked the Australian government for financial support for its ailing Ansett unit, giving the carrier time to liquidate the business and start a new low-fare airline in Australia.

The Auckland-based airline, which has spent more than two months seeking New Zealand government help to try to refinance the business, said it has asked for an urgent response from the Australian government.

Air N.Z. Acting Chairman Jim Farmer said in a statement he was seeking the ``Australian government to assume a leadership role not only in saving many jobs, but also to provide the foundation for a reinvigorated, competitive aviation market in Australia.''

New Zealand's national carrier made the decision after competitor Qantas Airways Ltd. said it wasn't interested in buying Ansett, Australia's No.2 airline, which is losing A$1.3 million ($672,000) a day.

Ansett's problems are ``far too great to take on,'' Qantas said in a statement to the Australian Stock Exchange.

Qantas shares, which earlier plunged as much as 14 percent to A$2.95, recently traded at A$3.15. Air New Zealand's Class B shares, which anyone can own, fell 27 percent after the statement to 65 New Zealand cents. They were recently at 73 cents.

``Ansett is an asset under distress and there is a fair amount of debt attached to it,'' said Wayne Nicholls, head of dealing at Invesco. ``There were no compelling reasons for Qantas to buy it.''

Investors said Qantas may be able to buy the assets more cheaply when the airline is carved up and sold than making a bid for the whole business.

``I don't think Singapore Air need to rush in, they can sit back, they are in the same situation as Qantas,'' said Martin Littler, who helps manage A$8 billion of equities at Commonwealth Investment Management.

Tomorrow, Air N.Z. is expected to post a second-half loss of NZ$224 million before charges, most of it because of Ansett's losses. The airline is also expected to write-off most of its A$1.1 billion investment in Ansett.

It needs to quit the business to save its profitable Air New Zealand domestic and international arms, though investors are wary it may have ongoing financial obligations to Ansett.

``The only alternative is to ring-fence Ansett in some form,'' said Tim Preston, managing director of ASB Securities Ltd. ``Before anyone is going to recapitalize Air New Zealand they're going to have to be convinced that the bleeding has stopped within Ansett Australia,'' he said. ``It's very hard to see how they have stopped that bleeding, particularly given events of today,'' he said, referring to the global slide in airline stocks after the New York hi-jacking.

 
aussie_
Posts: 1600
Joined: Mon Dec 11, 2000 10:39 am

RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 3:02 pm


Aussie govt rejects Ansett 2 deal, foreign buyers now interested.

Further Proposal Made to Australian Government (issued at 1700)

Wed 12 September 2001
The Acting Chairman of Air New Zealand, Dr Jim Farmer, has just issued the following statement:

"Earlier this afternoon, Qantas Airways advised that it would not proceed with the purchase of Ansett.

"Air New Zealand immediately submitted a new proposal to the Australian Government to continue Ansett airline operations in a restructured form,

"The proposal was made in a letter delivered to the Acting Prime Minister of Australia, Mr John Anderson, this afternoon.

"It asked the Australian Government to provide underwriting to enable Air New Zealand to maintain Ansett operations for an agreed period while an attempt is made to restructure the airline.

"The proposal involved restructuring the existing Ansett airline companies into a value-based airline with a similar cost base to Virgin Blue but with much broader network coverage, nationally and regionally, across Australia.

"We've just been advised that the Australian Government does not favour this proposal - and we are now discussing with them a further option which has become available during the day.

"During the day we have received expressions of interest in Ansett from other potential purchasers. We are now seeking Australian Government underwriting to pursue those prospects with urgency.

"The situation is obviously changing very rapidly - and we will be making further announcements as soon as we have any developments to report."


 
VH-BZF
Posts: 738
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Singapore Takes 45% Of The Ailing Air NZ!

Wed Sep 12, 2001 3:22 pm

Firstly I think I speak for all Aussies when I say how diplorable the attack by terrorists in New York, Washington DC (& Pensylvania) were! What a tragedy of catastrophic proportions - so many innocent lives lost! 4 aircraft hijacked, lots of questions over lax security at BOS, EWR & IAD airports. Our thoughts are with our American friends and their families at this terrible time!


According to my sources, Singapore Airlines has just taken 45% of Air NZ ltd. & further more Air NZ are looking at every possible way of keeping Ansett flying, including approaching the Australian Govt. for help! The airline feels it has a moral obligation to keep Ansett Australia flying for as long as possible before shutting it down & re-starting it as a smaller low cost airline????? Employees entitlements will probably be protected by Air NZ, but nothing at this stage is certain! Employees maybe able to roll-over to the new (yet-to-be named)airline, or take their money and run!

This is certainly a much better prospect than what has been floated in the last few days, however nothing is set in concrete & the airline may still be placed into receivership as late as tonight!

Lets hope and pray that something good/positive can come out of this diabolical mess.

Ansett Australia (used to be 'One of the Worlds Great airlines')

Not Anymore - Thanks to Air New Zealand & the NZ Government!

BZF

Apparently A B767-300 (I believe VH-BZL?) & a B737-300 have been grounded by their leasing companies at the Melbourne jet base, as the leasing companies will not allow AN to fly them?

Ansett Australia - (was) One of the worlds great airlines!
 
QantasAirways
Posts: 1242
Joined: Thu Mar 15, 2001 2:55 pm

RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 4:09 pm

This is not fair.
Air NZ cant go setting up another airline just because this one failed. They'll probably just do the same thing again.

Qantas' decision is okay though as it was in the best interest of the company

Regards
QantasAirways
Spirit of Australia
 
tullamarine
Posts: 1612
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RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 4:31 pm

AN website has already been modified removing all references to "Absolutely" as well as removing Air NZ co-branding though references to NZ remain throughout website and press releases still refer to AN/NZ Group. There is also an apology on website for slow response on phones. It is a credit to the AN staff that they are still manning the phones.
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go canada!
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Joined: Wed Jun 06, 2001 1:33 am

RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 7:34 pm

qantas will simply pick up the planes but make no istake ansett as we know it has gone and qantas regins supreme.

ill post more in the next few days, right now im focusing on the usa.
It is amazing what can be accomplised when nobody takes the credit
 
wirraway
Posts: 1294
Joined: Sun Mar 25, 2001 4:32 am

RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 10:15 pm

Ansett In Administration, Price waterhouse-Cooper:

Anderson encouraged by interest in Ansett

Acting Prime Minister John Anderson says he is encouraged with the increasing number of expressions of interest in Ansett Airlines.

However, none of the offers are to buy the entire carrier.

Ansett is now in the hands of administrators and its services will continue until further decisions are made about its future.

Mr Anderson says he is pleased with the number of offers to buy parts of the carrier.

"Several airlines have had the opportunity to have a closer look at buying it all or what have you, or investing heavily in it and at this point of time have not chosen to take that option up," he said.

One of those is the Ansett Pilots Association which has submitted a buyout offer and says it has the backing of major European banks.

Mr Anderson says the Australian Government will not be underwriting Ansett.

He will continue discussions with all the parties.




 
go canada!
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RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 10:20 pm

why is anderson acting prime minisetr-was has howard gone?
It is amazing what can be accomplised when nobody takes the credit
 
Air Taiwan
Posts: 1498
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My Flight With Ansett Today

Wed Sep 12, 2001 10:28 pm

first of all, J Howard is in Washington (for your information Go Canada!)

BH-BZF (the person), BZL (the plane) wasn't grounded, cuz I just flew AN138 from Sydney to Brisbane on it.

My flight with AN today was one of the BEST! Althought facing uncertainties, all the staff were really really helpful and all so I decided to buy them a card tellling them how wonderful they are and how they do not deserve this. A lot of them cried... (I almost did, too)

Anyways the ACTU is organising a rally for Ansett on Friday in Sydney, Melbourne, and Brisbane. I know I will be going.

Jimmy
 
Air Taiwan
Posts: 1498
Joined: Fri Dec 03, 1999 3:06 pm

Sorry, Typo

Wed Sep 12, 2001 10:29 pm

sorry it's supposed to by "VH-BZF", not "BH"... sorry

Jimmy
 
go canada!
Posts: 2886
Joined: Wed Jun 06, 2001 1:33 am

RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 10:37 pm

oh dear, poor man.
It is amazing what can be accomplised when nobody takes the credit
 
wirraway
Posts: 1294
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RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 10:51 pm

Wednesday September 12, 4:53 PM

Singapore Air Position Awkward In Ansett Saga - Analysts
By Shen Hong
Of DOW JONES NEWSWIRES



SINGAPORE (Dow Jones)--Singapore Airlines is probably experiencing the most difficult time in determining the fate of one of its key overseas investments, now that its 25%-owned associate Air New Zealand Ltd. may have to liquidate its troubled unit Ansett Australia.

With major disadvantages noted for all possible options, SIA looks set to face a "lose-lose" situation whatever the outcome of the Ansett saga, analysts say.

Air New Zealand has decided to put Ansett into voluntary administration, a move which will allow the airline to continue operating while it pursues new saviors.

Air NZ is left with few options after Qantas said it wouldn't proceed with any purchase of Ansett, which is losing A$1.3 million a day and has a workforce of about 16,000.

New Zealand Finance Minister Michael Cullen warned earlier Wednesday that Ansett is in "serious trouble" and liquidation remains a strong possibility if Air NZ can't negotiate a solution with the Australian government.

While the New Zealand government seems to have changed its mind and may allow SIA to increase its stake in Air NZ, analysts say the chances aren't high that the Singapore national carrier would still be keen to do so without Ansett being part of Air NZ.

"SIA's original intention to invest in Air NZ was for it to get access to Ansett. It doesn't make economic sense for them to increase the stake (without Ansett)," says Chew Li-May, an analyst at Indosuez W.I. Carr Securities in Singapore.

Indeed, after losing the bid for News Corp.'s 50% Ansett stake to Air NZ last year, SIA pumped in NZ$465 million for a 25% stake in Air NZ to get an indirect share of Ansett.

Ansett claims a domestic market share of about 38% compared with the dominant 55% held by Qantas.

In June, SIA proposed to raise its Air NZ stake to up to 49%, but has stressed that it wants Ansett to stay within Air NZ.

While some consider it an easy option for SIA to simply stick to its 25% stake, others think there's little point why SIA should even continue its presence in the carrier.

"If Air NZ divests Ansett, it's a possibility that SIA may walk away," says Philip Wickham, a regional aviation analyst at ING-Barings in Hong Kong.

"I don't see the point (for SIA to hold the stake)... I don't see synergies," Wichkham said.

 
flyinghighboy
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RE: Qantas Say NO To AirNZ

Wed Sep 12, 2001 11:29 pm

Also Howard went over to the US on a commercial flight. RAAF are flying over a jet to come and pick him up.
 
GuyBetsy1
Posts: 807
Joined: Thu Aug 16, 2001 4:00 am

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 1:55 am

Air NZ still thinks that SQ wants to invest in them...boy are they wrong! I agree with Wirraway's post. SQ only was forced to invest in NZ after it scuttled SQ's bid to the other 50% on AN.

So in effect, it will be SQ who might save BOTH NZ and AN after all. QF was in the games all along... just because SQ showed some 'interest' it decided to show equal interest too.

I just hope that SQ decided to swallow up both AN and NZ at the end... and form a new airline. Can you imagine sarong kebaya on them aussie girls?
 
SInGAPORE_AIR
Posts: 11619
Joined: Mon Nov 13, 2000 4:06 am

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 2:32 am

The situation is blurred because of the tragedy in NY and therefore not many media reports are coming out. on a "normal day", loads of reports on the DJ newswires would have come out. Kill those terrorists...

Anyway, I don't know what SIA's move will be. I think SIA has many options, however only a few are beneficial for them.

Again, what would SIA do with AN? I think that jobs will go if SIA do take them over. In addition, AN will merely become a feeder airline for SIA's european network. I'm sorry, but that's the conclusion I've come to, however I hope to hear more uplifting theories.

Go Canada: You're being a bit hypocritical? Moments ago you told me that we should concentrate on the NY Tragedy.

Anyone can fly, only the best Soar.
 
wirraway
Posts: 1294
Joined: Sun Mar 25, 2001 4:32 am

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 3:00 am

Unions vow to fight for entitlements

By PAUL ROBINSON
and GABRIELLE COSTA
Thursday 13 September 2001

The ACTU is planning legal action against Air Zealand to force it to pay millions of dollars in entitlements owed to workers at its embattled subsidiary Ansett Airlines.

ACTU secretary Greg Combet said yesterday that Ansett had been grossly mismanaged by Air New Zealand, leaving it debt ridden, with an ageing fleet, and a staff of 17,000 who face an uncertain future.

After a meeting with Ansett unions Mr Combet said: "Air New Zealand have no credibility at all. These people couldn't run a chook raffle. They took a profitable airline and look what they've done to it.

"They have come up with one silly proposal after another and now there is pandemonium among the workforce at Ansett. The workers don't know whether they have a job or what is happening. It's a disgrace."

Mr Combet said Ansett could continue operating only if the government agreed to pick up its operating costs, estimated at about $1.5million a day. He said an administrator could then assess the books to determine what state the company was in.

"That would give others, like the Ansett Pilots Association, time to come up with alternative proposals."

The association has dusted off an employee buyout plan it put forward last year. It proposes that pilots, engineers, management and industry unions consider a buyout plan devised by New York management buyout specialists Keilin and Co. The pilots association has also retained insolvency consultants Sheahan Coope Locke and others to develop corporate and legal plans.

Victorian Treasurer John Brumby said if the Federal Government had acted swiftly, voluntary administration could have been averted.

About 6000 Victorian workers, a third of the company's workforce, stand to lose their jobs.

"This is a disaster of the Federal Government's own making and it's a national tragedy," he said.

The Howard Government should have pushed for Singapore Airlines to be allowed to raise its stake in Air New Zealand to 49 per cent, thereby freeing up funds to salvage Ansett, he said.

Mr Brumby said that while Victoria could suffer job losses directly as a result of the carrier's liquidation, other states stood to lose much-needed services in rural and remote areas.

Mr Combet said Ansett owed its staff between $200 million and $300 million, a debt that would be pursued relentlessly by the unions.

"There will be a huge campaign over this. Air New Zealand will be the first port of call. We'll be investigating taking legal action against them and we'll be knocking on the door of the Federal Government. No matter where the money is coming from we will secure these people's entitlement," he said.

The national assistant secretary of the Australian Services Union, Linda White, said it was not a time for hasty decisions. "A cool head is needed to determine where Ansett is going and the Federal Government needs to be involved," she said. "This isn't just a national disaster, it's an international disaster. Thousands of jobs may well go."

The ASU yesterday lodged an application to secure Ansett workers' entitlements under international conventions in the Australian Industrial Relations Commission.

ASU Victorian president Martin Foley said staff had occupied some Ansett work sites yesterday, pushing for guaranteed job security or their entitlements.

He said staff no longer believed in Air New Zealand: "We're hearing contradictory statements from them every half hour."

Australian Workers Union national secretary Bill Shorten said unions were considering a campaign to ban Air New Zealand from Australia if they failed to honor Ansett workers' entitlements.

 
TG992
Posts: 2310
Joined: Tue Jan 09, 2001 12:03 pm

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 3:16 am

Yup.. Air NZ singlehandedly added years to the planes ages overnight.

Ridiculous.
-
 
wirraway
Posts: 1294
Joined: Sun Mar 25, 2001 4:32 am

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 3:28 am

Thurs Herald-Sun:

Anger spills into bans

By MARK PHILLIPS, industrial reporter
13sep01

ANSETT staff staged spontaneous industrial action yesterday as the fate of the airline worsened.





Union leaders said Qantas' decision not to buy Ansett had made protection of jobs and up to $400 million of workers' entitlements paramount.
Frustration spilled over at Melbourne airport, where staff locked down some areas of the airline's sites, refusing to release aircraft or to continue work until they are guaranteed job security or entitlements.

Unions are also believed to be considering bans on handling Air NZ flights into Australia to show their anger.

ACTU secretary Greg Combet, who held an emergency meeting of union leaders at 4pm, said workers had lost all faith in Ansett and Air New Zealand management.

Mr Combet said the aborted plan by Air NZ to liquidate the company and relaunch "Ansett 2" had outraged unions.

"There's tremendous anger at Air NZ among the union workforce because after Qantas said no to the buy-out of Ansett, Air NZ immediately released a proposal that treated their employees with contempt," he said.

"And then half an hour later, they released another proposal, and it's clear that Air NZ are totally incompetent and have completely lost credibility with the Ansett workforce."

Mr Combet said the collapse of the Qantas offer made protecting employees' entitlements the main priority for unions.

He said the ACTU now estimated entitlements were worth $400 million.

"We will take legal advice to see if Air NZ can be pursued for those entitlements," Mr Combet said.

"We also believe the Federal Government has got to act to make Air NZ take responsibility for those entitlements and guarantee Ansett's employees that their entitlements will be met."

Engineering maintenance workers in Melbourne held a stopwork meeting yesterday.

Australian Workers Union secretary Bill Shorten said workers felt they had been lied to by Air NZ.

Linda White, assistant national secretary of the Australian Services Union, said voluntary administration was the "least worst" option.

It would allow Ansett to continue trading while buyers were found for its assets.

Meanwhile, despair grew among Ansett's 16,000-strong workforce.

As the day developed the strain began to show as workers expressed frustration at not being kept up with developments.

And to compound matters, the company has placed a ban on staff speaking to the media.

Ansett is believed to have started laying off casual and contract workers yesterday afternoon.

Some employees left the airline's Swanston St head office in tears, carrying personal belongings from their desks.

One man said while he could lose his job, the terrorist attacks in the United States put the Ansett crisis in perspective.

"With what's happened today all around the world, what's happened at Ansett pales into insignificance," said the 13-year employee, who asked not to be named.

But he remained upbeat a solution would be found to keep the airline flying.

"At this stage, you think you will get nothing," he said.

"We honestly don't know, but anything from now will be a bonus. Who knows - a new entrant may come in and may give opportunities for people."

A rally of Ansett workers will be held at 12.30pm tomorrow outside the State Library.


 
rmm
Posts: 518
Joined: Sun Feb 04, 2001 10:34 am

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 5:20 am

BZF,

No planes are grounded yet. BZM & BZI are sitting out the front
of the maintenance base awaiting final checks before entry into
service. Both should go into service in a day or two.

Rmm
 
tullamarine
Posts: 1612
Joined: Thu Aug 05, 1999 1:14 pm

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 7:48 am

NZ have proved themselves to be very poor managers. The ridiculous plans the board seems to throw up at a moment's notice only serve to further illustrate their incompetence. Their desperate attempts to cast off AN one way or another should be seen for what they are; an attempt to avoid their fiduciary responsibilities by passing the responsibility to someone else. That they have also walked away from their moral obligations to AN staff is contemptible.

There is no doubt that if AN goes into liquidation that creditors will seek to exercise the letter of comfort given to AN by NZ and this has the potential to bankrupt NZ. If I were SQ I'd be bailing out of NZ quick smart.
717,721/2,732/3/4/5/7/8/9,742/3/4,752/3,762/3,772,W,310,320/1,332/3,388,DC9,DC10,F28,F100,142,143,E90,CR2,D82/3/4,SF3,AT
 
Guest

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 9:31 am

Tulla,

Isn't it refreshing and *Absolutely* bloody marvelous how the NZ board have shown themselves to be completely and utterly useless?

I say *&@k NZ. Lets hope that in some form or another Ansett will survive relatively intact and with most of it's employees. Good things can only come with the Administrators in place - it means NZ management will get the heave ho and we'll see the actual true state of AN - I reckon AN has been running well and had probably been supporting NZ in some way or another.

Today would be a good day for SQ to flood the market with NZ shares - something like that would make me smile. Oh, and a complete ban on the handling of all NZ aircraft by the unions would be nice. (These things are not the type of things I would normally wish on anyone.)

I will be going to the Sydney AN rally. Massive amounts of public support can only help AN in it's fight for survival.

I urge every one of you that can attend these rally's to do so - even if AN is not your favourite airline - at least attend to support the many workers.

Secondly - I urge everyone to stop buying NZ products, a clear message must be sent accross the Tasman to the NZ government.

Thirdly - Those of you who regularly fly QF - please book your next flight with AN and show some support!

Fourthly - Don't fly NZ unless you *absolutely* have to, they need to know how pissed off us Aussies are.

mb

(A very angry and annoyed mb)
 
Air Taiwan
Posts: 1498
Joined: Fri Dec 03, 1999 3:06 pm

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 11:48 am

totally agree with you there Mx5_boy!

Jimmy
 
AJ
Posts: 2295
Joined: Wed Nov 03, 1999 3:54 pm

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 11:53 am

"Air NZ still thinks that SQ wants to invest in them...boy are they wrong! I agree with Wirraway's post. SQ only was forced to invest in NZ after it scuttled SQ's bid to the other 50% on AN."
The media in Sydney is reporting that Air New Zealand is being rescued by an increase in Singapore Airlines shareholding to 35% and an input of some NZ$600 million by the New Zealand Government.
The proverbial RATS deserting a sinking ship. A majestic, once mighty ship, Ansett Australia.
 
TG992
Posts: 2310
Joined: Tue Jan 09, 2001 12:03 pm

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 12:00 pm

Can someone explain to me how SQ increasing their shareholding and refusing to buy AN supports the view that SQ never wanted to buy into NZ and really wanted AN?

Genuine question here.
-
 
AJ
Posts: 2295
Joined: Wed Nov 03, 1999 3:54 pm

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 12:05 pm

TG992, logic and business morals seem to have vanished in these arrangements.
Why a company can ditch a component of their core business with 16,000 staff and hold out a hand for charity is another question. Joint Australia/NZ business relationship agreements seem to apply only when convenient.  Pissed
 
VH-BZF
Posts: 738
Joined: Fri Oct 29, 1999 1:28 pm

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 12:29 pm

I have just heard from a staffer at Melbourne Airport that Ansett have cancelled their catering contract with Gate Gourmet (to cut costs) and so NO food or beverages are now being served on any AN flights. So if you're flying with AN (& please continue to do so!) take your own food!
2/ Ansett has been given 28 Days to reorganise itself & find another buyer! So it will continue to fly for at least another 28 Days, so the administrators have advised!

Re: the grounding of VH-BZL - this info was passed to me from someone working at the maintenance base the other day - maybe the leasing company changed its mind? Sorry!

BZF - Long live Ansett!
Ansett Australia - (was) One of the worlds great airlines!
 
wirraway
Posts: 1294
Joined: Sun Mar 25, 2001 4:32 am

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 2:22 pm

Auckland, Sept. 13 (Bloomberg) -- Singapore Airlines Ltd. and Brierley Investments Ltd. said they agreed to invest NZ$150 million ($64 million) each in Air New Zealand Ltd., raising their stakes in the airline and helping avert its collapse.

The move, which ends four months of debate in the New Zealand government on letting foreigners own more than 25 percent of the national carrier, will give Singapore Air 34 percent of Air New Zealand and Singapore-based Brierley 37 percent. Singapore Air now has 25 percent and Brierley 30 percent. The government also said it is willing to lend Air New Zealand as much as NZ$550 million.

Investing in Ansett ``has been a disaster'' for Air New Zealand, said Bruce McKay, head of research at DF Mainland Securities Ltd. in Auckland. ``There's a still a long way to go yet'' and unanswered questions about Ansett, he said.
 
QantasAirways
Posts: 1242
Joined: Thu Mar 15, 2001 2:55 pm

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 2:39 pm

Singapore_air is right...
This whole tragedy in New York has completely overshadowed the Ansett thing (though it ought to)

What is to come of Ansett?

Regards
QantasAirways
Spirit of Australia
 
SInGAPORE_AIR
Posts: 11619
Joined: Mon Nov 13, 2000 4:06 am

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 4:21 pm

Announcement from Singaporeair.com

Air New Zealand
13 September 2001


Singapore Airlines ("SIA") has today reached agreement with Air New Zealand, Brierley Investments Limited ("BIL") and the New Zealand Government on a NZ$300 million equity injection by SIA and BIL and a NZ$550 million credit facility to be provided by the New Zealand Government. This agreement follows Air New Zealand's decision to place the Ansett Group into voluntary administration and the impact of this decision on Air New Zealand's balance sheet.

Under the terms of the agreement, SIA and BIL will each subscribe for NZ$150 million in new shares at the lower of NZ$0.67 per share (being the volume weighted average price of Air New Zealand's A and B shares traded on the New Zealand Stock Exchange on 7 September 2001) and the volume weighted average price of A and B shares over the 10 trading days preceding the meeting of Air New Zealand's shareholders to approve the transactions. Based on an issue price of NZ$0.67 per share, SIA's pro forma shareholding in Air New Zealand after the share placement will be approximately 34 per cent. A lower issue price will mean a higher shareholding.

As part of the agreement, the New Zealand Government will provide Air New Zealand with a Note facility of up to NZ$550 million. Upon drawdown of this facility, Air New Zealand will issue to the Government two tranches, in equal proportions, of 7 year and 10 year subordinated notes. In addition, the Government will provide Air New Zealand with a two year revolving credit facility of up to NZ$200 million for working capital purposes. Any amounts drawn under this facility will be set off against the NZ$550 million Note facility.

It is the intention of the parties that the equal injection and credit facility will provide Air New Zealand with sufficient capital and financial flexibility to maintain its operations following the decision to place the Ansett Group into voluntary administration. The agreement is conditional on various matters, including all necessary shareholder and regulatory approvals, appropriate waivers and consents from Air New Zealand's creditors and financial due diligence on the company.

Under the agreement, SIA, BIL and the New Zealand Government have agreed that each of SIA and BIL will have the right to appoint three Directors to the Board out of a total of nine Directors. One each of the SIA and BIL appointees must be a New Zealand national, to be appointed after consultation with the New Zealand Government. SIA's, BIL's and the New Zealand Government's agreement will be sought on the appointment of the Chairman of the Board. The three parties are committed to working closely with one another to ensure that an appropriate level of focus is brought to bear in stabilising Air New Zealand's financial position following the losses sustained by the Ansett Group and in maintaining the airline's strong track record and its position as New Zealand's national carrier.

Commenting on the agreement, SIA's deputy chairman and chief executive officer, Dr Cheong Choong Kong, said: "We believe that this equity injection and the Government's credit facility are important and positive steps. They are needed to strengthen Air New Zealand's financial condition following the difficult decision to place Ansett into voluntary administration and the effect this has had on the company's balance sheet".

"We believe that Air New Zealand can still be a successful Australasian airline. By strong synergies with Singapore Airlines, Air New Zealand can continue to grow. The reality is that it will require greater effort,'' Dr Cheong said.

With regard to the Ansett Group, Dr Cheong added: "On behalf of SIA, I would like to say that we are extremely sad that Ansett had to be put into voluntary administration. In spite of the strategic fit between Air New Zealand and Ansett, Ansett's mounting losses and Air New Zealand's resulting weak financial position meant that Air New Zealand could not continue to support Ansett. We feel deeply for the loyal Ansett employees who have been working so hard, especially during these extremely difficult times".


Anyone can fly, only the best Soar.
 
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RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 5:13 pm

The QF rescue package was a victim of Tuesday's terrorist actions - investors are bailing out of airline stock at the moment and the funding that they would require to keep AN going was just not available.

There is no doubt, though, that the unions are in large part to blame for AN's woes. AN is grossly overstaffed - 16,000 employees for 66 aircraft, an average of 242 staff per aircraft; which is nearly two and a half times the optimum figurefor a 'full service' airline. Had the unions been more reasonable - which would have been a near-unique event in Australia, one of the world's more militant unionist countries - then AN wouldn't have been losing anywhere near as much as it was on a daily basis.

And, to add insult to injury, I see that QF staff are on strike (a series of three hour 'stoppages') today as well. Ostriches, or what?!?!?!  Insane  Insane  Insane
 
wirraway
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RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 6:56 pm

ABC Net online:

Ansett to be grounded tonight

A union representing Ansett employees claims the airline will be grounded tonight.

The Australian Services Union (ASU) says it has been told by the administrator PricewaterhouseCoopers that Ansett cannot continue to fly without Government assistance.

It has also been revealed the jobs of 2,000 caterers are at risk, with Ansett's catering company, Gate Gourmet, also appointing an administrator this afternoon.

Ansett is yet to confirm the union's claim.

However, Ansett's Robyn Newman says that customers will get to their destinations tonight.

"I'm making it very clear to everyone now that we are still flying this evening and we still have several customers booked on flights tonight and they should not be concerned."

Union organiser Steve Brooks, says it is still coming to terms with the news that Ansett's fleet is to be grounded.

"We've just had a teleconference with all the other states and we've just been informed that the Government will not underwrite the administrator so the administrator has said that they won't continue without the Government's support," Mr Brooks said.

"And the administrator has asked the unions to assist in bringing all of the planes back to port and that they will stop flying tonight."

 
dalecary
Posts: 834
Joined: Tue Jan 18, 2000 10:28 am

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 8:42 pm

This situation is appalling and IMO completely the fault of AirNZ. Why in God's name did they believe they could successfully own and operate AN,an airline much larger than their own,when they had no meaningful way of financing AN's desperately needed fleet and general infrastructure renewal programs?
You have to wonder what the AN/NZ/SQ grouping would be like today if SQ had have been allowed to buy 50% of AN. I never understood why NZ trumped this. I guess big egos, poor financial planning and a fear of letting SIA push them out in the future could have contributed to this decision.
What will be the fate of Toomey? HE must be a goner as CEO at NZ.
I don't understand why SQ, NZ Gov't etc didn't realise the financial plight of AN before this. Obviously, the NZ board must have known and concealed it. It was only 2 weeks ago that the SQ/AN/NZ deal looked sealed. A lot of home-truths have occurred in recent days!!!
Is the real reason why the NZ board didn't agree to the QF proposal because they knew the plight of AN and couldn't get SQ to take them off their hands? I still maintain SQ had a huge desire to get into AN when it was a relatively healthy carrier. A big Australian domestic feed was actively sought by the Singaporean carrier.
What now of NZ? The regional carrier they didn't want to be? This is only a partial solution for NZ. They need SQ to take more than a 35% share in them. Gov't bailouts are pretty desperate acts.
This whole saga is a disgrace and will result in the demise of AN as we know it. There is no hope of AN regaining their glory days. A cut-down version is the best scenario for them.
My condolences to all AN employees. The shame is the whole predicament was entirely avoidable.
Where is Oz777 when you need him. I really look forward to his analysis of the situation.

Dale.
 
wirraway
Posts: 1294
Joined: Sun Mar 25, 2001 4:32 am

RE: Qantas Say NO To AirNZ

Thu Sep 13, 2001 8:49 pm

just reported on ABC News/7.30 report, Dr
Palmer said AirNZ is no longer libel for
the Ansett employee entitlements, acting
PM Anderson has gone balistic and said they
will be pursued all over the world, as AirNZ
has shafted Ansett.

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