Ansett administration could take years
AAP
Ansett administration could take years
It might be another couple of years before the administration of collapsed airline Ansett was wrapped up, administrator Mark Korda said today.
Mr Korda told the Finance and Treasury Association (FTA) that administrators had sold $630 million of Ansett assets.
"We've got about $300 million of (Ansett) assets still to sell which includes 43 planes and about 10 million spare parts," he told AAP.
"The next couple of years it will take us to wrap it up.
"And the ultimate return will depend on the state of the global aviation market."
Mr Korda said administrators were aiming to return to Ansett employees 92 cents in every dollar of the entitlements that they were owed, in the long term.
Mr Korda said administrators had so far paid out $380 million in employee entitlements, or about 50 per cent.
He said that as soon as a superannuation court case involving more than $200 million was resolved, administrators would make payments on a $330 million federal government loan to cover statutory workers' entitlements.
Mr Korda said he expected the federal government would make a decision on the future of the $10 Ansett ticket levy when the result of the $200 million superannuation case was known.
The market for the remaining Ansett aircraft was "very difficult" at the moment, but a deal might be done with the spare parts over the next month or two.
Administrators also had $60-$70 million of property, debtors and legal actions to collect.
Mr Korda told the FTA that Ansett had had huge problems, including its mixed fleet of planes and working with the unions.
He said baggage handlers had had great commercial clout.
"If they stop work, you don't get your baggage," Mr Korda said.
"The average baggage handler at Ansett was on $95,000."
İAAP 2002