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Old 02-26-2002, 18:35   #1 (permalink)
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Tesna pull out of Ansett negotiations

http://www.smh.com.au/news/0202/27/n...tional109.html

We'll look at other bidders: administrators


Ansett administrators will now approach unsuccessful bidders for the collapsed airline after Lindsay Fox and Solomon Lew this morning pulled out of the deal to buy the company - with the loss of 3000 jobs.

The Tesna syndicate pulled out of negotiations with the administrators to buy Ansett, 48 hours before tomorrow's midnight deadline, effectively sounding the death knell for any long term revival of the airline.

Administrators Mark Korda and Mark Mentha, of Andersen, said today Mr Fox and Mr Lew had served a termination notice last night.

Mr Korda said Tesna had advised they could not meet tomorrow's deadline for the sale because of third-party issues.

"We are assessing the situation and, as foreshadowed at the creditors' meeting, will return to the unsuccessful bidders to pursue an alternative course," Mr Korda said in a statement.

He defended the administrators decision to go with Tesna only, and reject other options, including a bid by transport company Patrick, formerly Lang Corp.

"The Tesna option was the only option at the time to keep the Ansett business in existence," he said.

"It was in the best interests of all creditors and the only option that would have provided benefits for all unsecured creditors and jobs for employees."

Mr Korda said in the event of a no-sale of Ansett, air services would be wound down in an orderly fashion.

He confirmed Ansett's intercapital flights would continue until Monday night and refunds would be arranged for all passengers with bookings after Monday night.

Help will be provided for alternative flight arrangements with Qantas and Virgin Blue.
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Old 02-26-2002, 18:43   #2 (permalink)
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This was not a surprise. I don't think Fox and Lew should have got involved with Ansett in the first place. The airline business is a bitch.
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Old 02-26-2002, 19:32   #3 (permalink)
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Hey, I'm no accountant but I couldn't see how Fox & Lew were going to turn a business that is loosing a million a week into a profitable one as soon as they were to take the reins!:oo1:
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Old 02-26-2002, 20:27   #4 (permalink)
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The Tesna bid had knobs on it from day one.
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Old 02-26-2002, 20:55   #5 (permalink)
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I think this is a walk away ploy. Stay tuned.
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Old 02-26-2002, 22:48   #6 (permalink)
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FLOXU...we want this consession

Government \Administrators: no


FLOXU...termniation

Administrators:...but but

watch this space

my opinion anyway, there has to be a dollar here some
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Old 02-27-2002, 02:43   #7 (permalink)
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Bit of a shame for the Ansett employees and the subbies who got the shaft.
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Old 02-27-2002, 04:28   #8 (permalink)
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ansett is a sinking ship that has been put out of its misery now
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