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

Ansett: Creditors Reject Liquidation

Wed Mar 27, 2002 2:19 pm

AAP

More than 1,400 Ansett jobs saved
AAP|Published: Wednesday March 27, 3:47 PM

More than 1,400 Ansett jobs were saved today when creditors rejected moves to liquidate the airline.

More than 50 per cent of voting creditors supported a proposal by administrators to execute a deed of company arrangement.

This will allow them to continue to operate companies within the Ansett group while they are selling off the airline's assets.
The creditors are meeting in Melbourne to decide the fate of the defunct airline.

 
United Airline
Posts: 8766
Joined: Wed Jan 10, 2001 5:24 pm

RE: Ansett: Creditors Reject Liquidation

Wed Mar 27, 2002 2:38 pm

Is this an attempt to save Ansett Australia?

Any chance to save it?

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

RE: Ansett: Creditors Reject Liquidation

Wed Mar 27, 2002 2:48 pm

United Airline

For the 500th time, Ansett is FINISHED, this vote
will allow the administrators to dispose of the assets
in an ordely fashion, this could take up to two years.

Wirraway
 
MEA
Posts: 585
Joined: Mon Jan 15, 2001 8:30 pm

RE: Ansett: Creditors Reject Liquidation

Wed Mar 27, 2002 3:10 pm

I am assuming & hopefully I am right, but the laws in other countries tend to vary & terms have different meanings.

As you know a company in America may be bankrupt but can still operate under chapter 11 approval, Continental to name a few was a prime example of this.

Ansett is under administration & only some parts of the group are still opertaing, others have closed down.

Regional airlines such as Kendell, Aeropelican & Hazelton are under administratoin, however, the administrator is looking at selling these airlines as a going concern. These airlines have also received some government funding to help them along the way.

I hope this sort of helps United Airline.
 
Guest

RE: Ansett: Creditors Reject Liquidation

Wed Mar 27, 2002 5:17 pm

Wirraway,

At least this is good news, it stops different airports accross the country claiming terminals and assets.

As I stated in another post the AN brands and associated articles including the AOC are still up for grabs and I would presume this also means they can accept "contract" work.

How many pilots / cabin crew / ground crew are being kept on will be interesting. But I have it on good authority that at the major airports AN's accounts are still good, open and operational - landing slots - fuel accounts - and ancilliary charges.

There is still the dog eyed rumour that a large multi national is interested in resurrecting the old girl in some form, but in a smaller fashion including one of the regionals.

Time will tell no doubt. Rumours aside, if someone wanted to resurrect the AN brand they have access to a huge amount of infrastructure. Everything is in place, including the cargo division. And what about the A320's that are being kept in MEL with new leases to an unknown operator?

It could be DJ with the rumours of A320 family aircraft but who knows. We can't forget all the maintenance. We all wait with baited breath..

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

RE: Ansett: Creditors Reject Liquidation

Wed Mar 27, 2002 6:20 pm

Mx5

Todays vote was what Virgin Blue hoped for, don't
know if you saw the article in todays paper:
Wirraway

Wed "Sydney Morning Herald"

Virgin counsels Ansett creditors
By Darren Goodsir, Transport Editor
March 27 2002

Virgin Blue will push Ansett's creditors to block a bid by airport owners to put the airline into liquidation at a meeting today.

Part way through negotiations over securing the lease on Sydney's domestic terminal, Virgin Blue yesterday urged creditors to approve the deed of company arrangement, the option favoured by the administrators, because it was the best way to maximise returns.

Virgin Blue's head of commercial, David Huttner, said the airline wanted more time to assess the terminal lease deals.

If Ansett were put into liquidation, as sought by the airport owners and a group of frequent fliers, it would activate default clauses on the leases.

This would take negotiations out of the administrators' hands and allow the Sydney Airports Corporation (SACL) to have first rights on a commercial basis.

Mr Huttner said this could diminish the eventual pool of funds to be paid to creditors.

"We encourage creditors not to move to liquidation at this stage," he said. "We have only had a week or so to look through these matters thoroughly and we think there is a prospect that we can reach agreement.

"That might mean more money available for staff entitlements, and other creditors, than what might be under a liquidation."

A spokesman for SACL said it was not promoting liquidation but did not support the deed of company arrangement as it stood.

"The deed attempts to frustrate the rights and claims of domestic terminal lessors," he said. "We are concerned that the report to creditors might be misleading."

Talks yesterday continued between the Federal Government's negotiator on Ansett, David Crawford, and the administrators, Mark Mentha and Mark Korda, over how to secure the Commonwealth's contributions.

The Federal Government has made advances to the administrator to help speed the payment of entitlements to retrenched workers.

It was unclear last night whether the Commonwealth had changed its position on supporting Ansett's quest to continue under administration.

The Department of Transport is concerned that further delays over the ownership of Ansett's former terminals will hamper attempts by Qantas and Virgin Blue to expand capacity.

However, the ACTU, representing the biggest block of creditors, is still standing firm.
 
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VapourTrails
Posts: 2192
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RE: Update On Ansett Subsidiaries

Tue Apr 02, 2002 10:41 pm

Update on Ansett subsidiaries..

NSW councils bid for Ansett
AAP
02apr02

A GROUP of New South Wales regional councils leads a contingent of bidders expected to move on Ansett's subsidiary airlines this month.

Inland Marketing Corporation (IMC) - a public company owned by 19 local governments and based in Parkes, central New South Wales - and a pilot-led ANstaff syndicate have completed business plans to take over the regional airlines Kendell and Hazelton, Hazelton administrator Michael Humphris said today.

Virgin Airlines is still completing due diligence on all Ansett assets and had not indicated whether it would be making a bid on the smaller airlines.

IMC managing director Alex Ferguson today said the company was frustrated by administrators' perceived neglect after placing their proposal on the table last November.

The offer was placed on hold while the failed Tesna bid for Ansett was being negotiated.

Talks began in earnest after Tesna principals Lindsay Fox and Solomon Lew pulled the plug on the deal, but Mr Ferguson said he last heard from Andersen - administrators for the majority of the Ansett Group - the day before Patrick Corp announced its merger with Virgin last month.

"That says something I think. The administrators may be hiding behind the argument they are doing what is best for their creditors (but) ... they have been operating a company in administration for six months now and that may not be the best thing for the community.

"It certainly hasn't been the best thing for (Hazelton or Kendell) airlines."

Mr Ferguson said IMC's owners - who represented communities across regional New South Wales, feared any bid by Virgin Blue would involve a "cherry-picking" of popular routes, leaving smaller communities without air links.

"There's social issues as well as business issues at stake here ... not many people are going to drive five or seven hours to do two hours of business in a remote town."

He said IMC's finance for the bid was firm, with public and private investors and a business plan which needed fine tuning but looked at keeping on around 450 Kendell and Hazelton workers.

Mr Humphris said talks between the two airlines' administrators would continue in Sydney tomorrow.

Decisions should be made by the end of the month, he said.
From Australia. Qantas - Spirit of Australia.

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