misstrolleydolly
15th Dec 2004, 12:01
$16m Christmas bonus for ex-Ansett workers
December 15, 2004 - 6:08PM
Page Tools
Email to a friend Printer format
Thousands of former Ansett workers will share in another $16 million to be distributed by administrators after they sold more of the defunct airline's assets.
Administrator Mark Korda said the payments would be made from midnight tonight with eligible former employees to have the money credited to their bank accounts electronically.
He said payments, to 9,500 eligible former employees, would range from a "few dollars to up to $14,200".
"It varies depending on length of service and seniority," Mr Korda said.
But, he said, on average workers would receive about $1,700.
He said asset sales had reaped $26.4 million, with $10.4 million to be given to the federal government to help repay a $335 million loan made in October 2001 to pay workers' leave and eight weeks' redundancy entitlements. The remainder would go directly to former staff, he said.
So far, $280 million has been raised from the $10 Ansett ticket tax to offset this debt.
The administrators said the latest payment was the third such dividend made to former employees, with 90 per cent of Ansett's assets now sold.
Advertisement
AdvertisementThe extra money brings total payments so far to $562.8 million.
A total of $760 million in redundancy payments was owed to Ansett's 15,000 former staff members when the airline collapsed in September 2001.
More than 3,000 employees with shorter lengths of service have already received 100 per cent of their entitlements as part of an agreement reached between the administrators and the federal government.
"This remains a complex administration with large contingencies, both assets and liabilities, that are yet to be resolved and whilst it is difficult to predict ultimate outcomes, we aim to deliver approximately a further $70 million to employees," Mr Korda said.
"If we achieve this, we are hopeful of delivering $632.7 million of the $760.0 million total owed to employees," he said.
Mr Korda said it could take a few years to sell the remaining assets.
The administrator said significant assets sold recently included six 767-200 aircraft, the remaining aircraft of Ansett's regional airline Kendell, a flight simulator centre and the sale of nine of the 10 allotments created by the subdivision of 20 hectares of land at Tullamarine airport.
Assets yet to be sold include two Airbus A320 planes, 14 British Aerospace BAe 146 aircraft and aircraft spare parts.
In 2004, the administrator distributed about $100 million to the former employees and the federal government.
- AAP
December 15, 2004 - 6:08PM
Page Tools
Email to a friend Printer format
Thousands of former Ansett workers will share in another $16 million to be distributed by administrators after they sold more of the defunct airline's assets.
Administrator Mark Korda said the payments would be made from midnight tonight with eligible former employees to have the money credited to their bank accounts electronically.
He said payments, to 9,500 eligible former employees, would range from a "few dollars to up to $14,200".
"It varies depending on length of service and seniority," Mr Korda said.
But, he said, on average workers would receive about $1,700.
He said asset sales had reaped $26.4 million, with $10.4 million to be given to the federal government to help repay a $335 million loan made in October 2001 to pay workers' leave and eight weeks' redundancy entitlements. The remainder would go directly to former staff, he said.
So far, $280 million has been raised from the $10 Ansett ticket tax to offset this debt.
The administrators said the latest payment was the third such dividend made to former employees, with 90 per cent of Ansett's assets now sold.
Advertisement
AdvertisementThe extra money brings total payments so far to $562.8 million.
A total of $760 million in redundancy payments was owed to Ansett's 15,000 former staff members when the airline collapsed in September 2001.
More than 3,000 employees with shorter lengths of service have already received 100 per cent of their entitlements as part of an agreement reached between the administrators and the federal government.
"This remains a complex administration with large contingencies, both assets and liabilities, that are yet to be resolved and whilst it is difficult to predict ultimate outcomes, we aim to deliver approximately a further $70 million to employees," Mr Korda said.
"If we achieve this, we are hopeful of delivering $632.7 million of the $760.0 million total owed to employees," he said.
Mr Korda said it could take a few years to sell the remaining assets.
The administrator said significant assets sold recently included six 767-200 aircraft, the remaining aircraft of Ansett's regional airline Kendell, a flight simulator centre and the sale of nine of the 10 allotments created by the subdivision of 20 hectares of land at Tullamarine airport.
Assets yet to be sold include two Airbus A320 planes, 14 British Aerospace BAe 146 aircraft and aircraft spare parts.
In 2004, the administrator distributed about $100 million to the former employees and the federal government.
- AAP