AAP
Ex-Ansett employees get more cash
December 10, 2003
THOUSANDS of former Ansett workers will receive more of their outstanding entitlements from tonight.
Ansett administrators Mark Korda and Mark Mentha today said they would start transferring redundancy payments at midnight tonight to former Ansett staff from the $150 million entitlement settlement reached last month.
In what they believe is Australia's largest-ever insolvency distribution, the administrators said dividends raised from the sale of Ansett assets and businesses would be electronically transferred into the bank accounts of ex-employees.
The Federal Court last month approved the entitlement settlement, ending a two-year dispute between the administrators and the trustees of a staff superannuation fund.
To date workers have received an average of 52 cents in the dollar, with 12,000 of the former airline's staff still owed a total of $220 million.
The settlement will take the average payment to 71 cents in the dollar.
"Following settlement of the case, our immediate, single-minded focus was on payments before Christmas," Mr Korda said.
"Considering the size and complexity of the distribution, our aim was to commence paying people by Christmas, with the bulk of payments completed by the end of January.
"We expect to make payments to more than 90 per cent of Ansett employees who are owed further entitlements immediately."
AAP
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Some good news for the Ansett crew- now you can apply for
a Virgin credit card.
Wirraway