AAP
Ansett deal falls in a heap. .February 27 2002
Ansett has collapsed again, with the syndicate headed by millionaire businessman Lindsay Fox and Solomon Lew pulling out of a deal to buy the airline.
The Fox/Lew syndicate, Tesna, today issued a statement confirming it withdrawn less than 48 hours before the midnight February 28 deadline set by Ansett administrators, Andersen.
The administrators, involved in late night talks with Tesna, had yet to comment this morning.
ACTU secretary Greg Combet confirmed the Tesna syndicate has pulled out of a deal to buy Ansett. He says there will now be no jobs for any of Ansett's workers.
Mr Combet says he spoke to Tesna's Solomon Lew this morning who confirmed the deal had collapsed at the last minute.
In the statement released at 9am (AEDT), the Fox/Lew syndicate of Tesna confirmed the deal could not be finalised by tomorrow's midnight deadline.
They blamed issues principally related to third parties.
"Discussions have taken place with the administrators concerning options for resolving the outstanding issues and finalising the sale," the statement said.
"In the light of those discussions and in consideration of our advice, we have reluctantly reached the conclusion that the sale agreement is not capable of completion and that the process involving Tesna and the administrators cease."
The Tesna statement said contract requirements for the transfer of domestic terminal leases for Sydney, Brisbane, Melbourne, Adelaide and Perth to Tesna could not be finalised in time.
In addition, serious issues were yet to be resolved, including environmental risk and the use of Ansett's IATA designator code.
Mr Lew and Mr Fox said they had been completely committed to the purchase and, for a range of reasons, "this was now impossible to achieve".
"We have spent the past five months doing little else but working towards the finalisation of the Ansett purchase," they said in the statement.
"We have committed an enormous amount of resources; our professional advisers have worked tirelessly, but the obstacles and hurdles we have encountered from a range of parties have had the effect of consuming both resources and time."
"In all of the circumstances and to our great disappointment, time has run out."
Concern for employees
Mr Lew and Mr Fox said their greatest disappointment was for the Ansett employees.
"Ansett's best asset has always been its people - the workers who built the brand and who embody the spirit of Ansett through service, efficiency and character," they said.
"Since September of last year, the people of Ansett and their families have experienced uncertainty but also hope.
"Whatever we feel about the outcome from a personal and business perspective is completely overshadowed by our regard and disappointment for Ansett's people."