Albania takes Ansett plane
Tues "Courier Mail"
Albania takes Ansett plane
By John Masanauskas
04mar03
ANSETT administrators are celebrating the sale of an aircraft to former Stalinist state Albania.
Exactly one year after the last Ansett plane carried passengers, the administrators are happy to make any sale in a depressed global aviation market.
The BAE 146 aircraft flew out of Melbourne last month to join the Air Albania fleet.
Ansett co-administrator Mark Korda said yesterday that almost $700 million had been raised through asset sales since the airline collapsed in September 2001.
Mr Korda and partner Mark Mentha then tried to sell Ansett to the Lindsay Fox and Solomon Lew Tesna group.
But the high-profile Melbourne businessmen pulled out of negotiations and the airline finally folded on March 4 last year.
Speaking on the first anniversary of Ansett Mark II's demise, Mr Korda defended the administrators' decision to keep the airline flying after its initial collapse.
"Our strategy was to put the planes into the air in order to attract bidders," he said.
"It was definitely the right thing to do."
He said asset sales in cluding Kendell Airlines, Ansett's city head office and the former Melbourne airport terminal were solid gains.
He said that his biggest disappointments were the inability to sell more planes and a court battle with Ansett superannuation trustees. The trustees recently lost a Supreme Court action to recover at least $200 million from the administration, but they may still appeal the decision.
"It's very disappointing that the trustees have tied up this money. We can't distribute it to employees," Mr Korda said.
It has also been revealed that:
ADMINISTRATION costs have topped $300 million, including at least $33 million in management fees.
FEDERAL Cabinet will consider scrapping the Ansett ticket levy on March 24 pending the superannuation trustees' appeal.
ABOUT 100 out of a total 134 aircraft have been sold, leased or redelivered for a return of $45 million.
Mr Korda said he hoped aircraft sales would raise at least $150 million, giving former employees an average total return of 88c in each dollar owed
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