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Ansett Sale Delayed For One Month Due To Andersen

Wed Jan 30, 2002 1:17 am

Ansett sale delayed for one month
By Virginia Marsh in Sydney
Published: January 29 2002 10:27 | Last Updated: January 29 2002 10:36

The creditors of Ansett agreed to a deal to sell the failed airline to a private consortium but, in a surprise move, its administrators announced that the sale had been delayed for up to a month.

Under a A$3.6bn ($1.8bn) deal agreed in November, the Tesna consortium had been due to take over the airline, Australia's second largest carrier, on Thursday and to relaunch it on Friday.

But Andersen, the administrator, said on Friday there were a number of issues still to be resolved and that it had extended Tesna's deadline by 30 days.

The consortium, backed by Lindsay Fox and Solomon Lew, two Melbourne millionaires, had yet to secure a new lease for the Ansett terminal at Sydney Airport and was also still negotiating IT licenses and aircraft leases, it said.

Andersen said that although the delay would cost Ansett's three million creditors money, it remained the best option.

"It is a difficult decision but we have come too far," said Mark Korda, one of the two Andersen administrators.

Tesna is assuming A$244m of Ansett's A$3.4bn liabilities, paying A$270m in cash and taking on about a
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RE: Ansett Sale Delayed For One Month Due To Andersen

Wed Jan 30, 2002 7:25 am

The end is near... finally!
 
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RE: Ansett Sale Delayed For One Month Due To Andersen

Wed Jan 30, 2002 7:43 pm

Typical Accountants milk it for a bit more.
"I told you I was ill ..." Spike Milligan