COLLAPSED budget airline Air Australia owes creditors up to 90 million dollars, and employees won't recoup all of their owed wages.
Administrators for the airline met with around 100 creditors at Brisbane's The Greek Club yesterday.
The meeting heard a federal government scheme would cover the 300 plus employees' unpaid wages, but limits payouts to 118 thousand dollars.
All up, only five million dollars of the eight million dollars owed in unpaid wages will be covered by the scheme.
Administrator KordaMentha partner Mark Korda says they've had four expressions of interest for the sale of the engineer business, but because the company leased everything there's not a lot to sell.
He expects about one million dollars to be made from sale of Air Australia's assets.
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Air Australia owes up to $90 million | News.com.au