AAP
Ansett creditors could turn on administration
Ansett administrators may reconsider their decision to operate the airline at a $6 million a week loss if the Federal Court refuses to support the arrangement.
The costly decision to keep Ansett flying was announced last week after it was revealed the much-vaunted sale to the Tesna syndicate had been delayed.
Administrators agreed to honour Tesna's flying schedule for 30 days or risk losing the sale altogether.
But a Federal Court hearing this week was told there was still no guarantee the sale would come off.
If the sale failed, and without Federal Court support, administrators could find themselves the subject of legal action by disgruntled creditors who, with "the benefit of hindsight", could accuse them of failing in their duty to maximise creditors' returns.
In an affidavit placed before the Federal Court this week, administrator Mark Korda said there were "serious concerns" that third parties, who were causing the delay in the finalising of the deal, could take advantage of the airline's commercial predicament and derail the sale.
"Presently we believe that by continuing to trade we are complying ... to keep as much of the Ansett business in existence and maximise return to creditors," Mr Korda said.
"However in doing so we may be jeopardising the return to creditors if the sale does not complete."
If the Tesna sale fell through administrators could be accused of losing creditors more than $24 million.
The decision will be handed down at 2.30pm (AEDT).
Meanwhile Ansett staff have been reassured the sale was back on track.
In morale-boosting pep-talks at Sydney and Melbourne airports, Tesna co-owner Lindsay Fox and administrator Mark Mentha with former ACTU secretary Bill Kelty told Ansett employees the main hurdle to the sale deal, the signing of the Sydney airport lease, was expected to be overcome with a deal likely to be signed within the fortnight.
Mr Fox put paid to rumours United States backers David Bonderman and Bill Franke from Air Partners were considering pulling out of the Tesna syndicate.
Other third party issues involving aircraft and information technology leases were also being addressed, he said.
. . İAAP 2002