Post by corsair67 on Apr 29, 2006 17:50:13 GMT 12
From yesterdays The Australian.
Ansett workers miss out
April 28, 2006.
ANSETT administrators say the failed airline's 15,000 former staff will never receive all of the money owed to them.
Melbourne-based administrator KordaMentha said yesterday that a $28.6 million payment would be made this week - the fifth since the airline's collapse in September 2001.
The latest move brings the total payments made to former employees to $603.6 million.
But employees were owed a total of $760 million and that was unlikely to ever be repaid in full, administrator Mark Korda said.
"We'll only ever get to about 90 cents in the dollar," Mr Korda said.
Funds for the fifth dividend were raised after $20 million of assets were sold, including an A320 aircraft, the settlement of the Simulator Centre business and the sale of aircraft parts and spares, Mr Korda said.
These sales have taken place since December 2005 and funds were also received from the pooling of AAE, one of the Ansett Group companies.
"The fifth dividend payment is 10 per cent of each employee's outstanding entitlements," said Mr Korda.
"It is an average of approximately $1800 per employee."
The dividend consists of $17.3million to former Ansett employees and $11.3 million to the federal Government to repay staff entitlements previously paid under a Commonwealth scheme known as the Special Employee Entitlement Scheme for Ansett.
The timing and outcome of current court hearings and required creditors' meetings would determine when the sixth dividend could be paid, Mr Korda said.
Ansett was Australia's second largest airline when it was placed into voluntary administration the day after the September 11 terrorist attacks in the US in 2001.
AAP
Ansett workers miss out
April 28, 2006.
ANSETT administrators say the failed airline's 15,000 former staff will never receive all of the money owed to them.
Melbourne-based administrator KordaMentha said yesterday that a $28.6 million payment would be made this week - the fifth since the airline's collapse in September 2001.
The latest move brings the total payments made to former employees to $603.6 million.
But employees were owed a total of $760 million and that was unlikely to ever be repaid in full, administrator Mark Korda said.
"We'll only ever get to about 90 cents in the dollar," Mr Korda said.
Funds for the fifth dividend were raised after $20 million of assets were sold, including an A320 aircraft, the settlement of the Simulator Centre business and the sale of aircraft parts and spares, Mr Korda said.
These sales have taken place since December 2005 and funds were also received from the pooling of AAE, one of the Ansett Group companies.
"The fifth dividend payment is 10 per cent of each employee's outstanding entitlements," said Mr Korda.
"It is an average of approximately $1800 per employee."
The dividend consists of $17.3million to former Ansett employees and $11.3 million to the federal Government to repay staff entitlements previously paid under a Commonwealth scheme known as the Special Employee Entitlement Scheme for Ansett.
The timing and outcome of current court hearings and required creditors' meetings would determine when the sixth dividend could be paid, Mr Korda said.
Ansett was Australia's second largest airline when it was placed into voluntary administration the day after the September 11 terrorist attacks in the US in 2001.
AAP
