EVENING POST
BUSINESS
TUESDAY, 24 APRIL 2001
Qantas receivers going after consortium
24 APRIL 2001
The receivers of Qantas New Zealand say they'll do everything in their power to recover money owed by the high-profile businessmen who owned the failed airline.
The Evening Post understands that though the consortium of mostly New Zealand businessmen, with a couple of Australians, put in $42 million in capital when they bought the airline last year they had only partly paid for their shares in it. It is understood there is another $12 million still to be paid.
Receiver Grant Graham of Auckland firm Ferrier Hodgson told The Evening Post today he had not yet looked at the capital side of the business.
But he would take "whatever remedies" were available to recover all money owing.
Mr Graham said that within 48 hours he'd have a clear idea of the financial position of the airline, which went into receivership at the weekend.
Many of those in the consortium are wealthy New Zealand businessmen who appear on the NBR's annual rich list. They include Auckland businessmen Alan Gibbs, Ian Hendry, Chris Coon and Trevor Farmer, and Dunedin's Sir Clifford Skeggs.
The airline's main creditors include Mobil Oil New Zealand, which is reported to be owed about $8 million, Air New Zealand, which leased aircraft to Qantas New Zealand, and Pacific Flight Catering, which provided in-flight meals.
Mr Graham said it was still premature to comment on how much these firms were owed.
Wellington International Airport, which is two-thirds owned by listed firm Infratil and a third by Wellington City Council, is owed in excess of $750,000 in landing fees and for other services.
WIA is just one of the airport companies stung by the Qantas NZ collapse.
Meanwhile, sharemarket analysts say that even if Australian giant Qantas Airways does come into New Zealand and fly the main routes there'd still be room for another budget operator such as Richard Branson's Virgin Blue or Impulse, who've forced Qantas and Ansett Australia to cut fares across the Tasman.
There is mounting speculation that Virgin Blue is gearing up to launch a domestic service in New Zealand. However, it's understood Virgin Blue has yet to seek regulatory clearances, which could take weeks to organise.
Nelson-based regional airline Origin Pacific is also planning to start up more regional flights and may enter into an arrangement with Qantas Airways to shift passengers, particularly from international flights.
Arthur Lim, retail investment director of sharebroker JP Morgan, said Qantas Airways would have a big job building credibility with the public and the business sector here.