More Entitlements For Ansett Staff
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More Entitlements For Ansett Staff
Failed airline pays dividend to ex-employeesBy John Masanauskas
September 01, 2006 02:00am
ABOUT 15,000 ex-Ansett workers will get an average $5000 each under the latest dividend paid by the failed airline's administrator.
Some will get up to $49,000 after a creditors' meeting yesterday approved the release of more funds.
About $75 million that had been tied up in legal wrangles will be distributed to former employees and the Federal Government next week.
The payment represents almost a third of entitlements still owed to staff.
Almost five years after Ansett's sudden collapse, former staff still carry emotional scars from the crisis but have moved on with their lives.
Ground engineer David Kemp, a 16-year Ansett veteran, said yesterday that employees had been under intense financial pressure. "Working for Ansett was a time in our life we look back on fondly, but I think people are over the trauma," he said.
Mr Kemp welcomed the latest payout, praising administrator KordaMentha for so far securing about 86c in the dollar of entitlements owed to staff.
The money became available after a creditors' meeting yesterday approved the pooling of assets and liabilities of the various Ansett companies under administration.
Administrator Mark Korda said he expected staff to eventually get a return of over 90c in the dollar.
"I think most people think that's a pretty good result given the global aviation market," he said. Ansett has only three planes left to sell after a BAe146 aircraft was sold for about $3 million to a European company this week.
More than $600 million has been returned to staff since the airline's collapse in September 2001, but more cash will be realised with the sale of spare parts and the remaining planes.
The Federal Government, which lent money to the administrator to cover staff payments, will get about $30 million under the latest dividend.
Many former Ansett workers at the meeting were angry that a ticket tax set up to cover the entitlements had made a $200 million profit, which was channelled into the Government's coffers.
Ansett flight attendant Lyndel Connolly said the money should have gone to employees.
September 01, 2006 02:00am
ABOUT 15,000 ex-Ansett workers will get an average $5000 each under the latest dividend paid by the failed airline's administrator.
Some will get up to $49,000 after a creditors' meeting yesterday approved the release of more funds.
About $75 million that had been tied up in legal wrangles will be distributed to former employees and the Federal Government next week.
The payment represents almost a third of entitlements still owed to staff.
Almost five years after Ansett's sudden collapse, former staff still carry emotional scars from the crisis but have moved on with their lives.
Ground engineer David Kemp, a 16-year Ansett veteran, said yesterday that employees had been under intense financial pressure. "Working for Ansett was a time in our life we look back on fondly, but I think people are over the trauma," he said.
Mr Kemp welcomed the latest payout, praising administrator KordaMentha for so far securing about 86c in the dollar of entitlements owed to staff.
The money became available after a creditors' meeting yesterday approved the pooling of assets and liabilities of the various Ansett companies under administration.
Administrator Mark Korda said he expected staff to eventually get a return of over 90c in the dollar.
"I think most people think that's a pretty good result given the global aviation market," he said. Ansett has only three planes left to sell after a BAe146 aircraft was sold for about $3 million to a European company this week.
More than $600 million has been returned to staff since the airline's collapse in September 2001, but more cash will be realised with the sale of spare parts and the remaining planes.
The Federal Government, which lent money to the administrator to cover staff payments, will get about $30 million under the latest dividend.
Many former Ansett workers at the meeting were angry that a ticket tax set up to cover the entitlements had made a $200 million profit, which was channelled into the Government's coffers.
Ansett flight attendant Lyndel Connolly said the money should have gone to employees.
Ansett - good news more $ to come
An update for former Ansett employees Update 47
31 August 2006
Dear former employee,
Payment of Sixth Dividend
We are pleased to announce the distribution of a sixth dividend of $76.9 million to former Ansett employees and to the Commonwealth. Employees will receive $46.9 million being 30% of their balance currently outstanding.
The payments will be credited to employees' bank accounts electronically next Thursday 7 September 2006, but may take up to three days to receive.
Statements will also be issued to every employee who receives a dividend detailing the amount paid. Any queries may be directed to us via the methods detailed at Appendix 1.
Including the sixth dividend, employees will have received $650.5 million of the $760 million owed to them.
31 August 2006
Dear former employee,
Payment of Sixth Dividend
We are pleased to announce the distribution of a sixth dividend of $76.9 million to former Ansett employees and to the Commonwealth. Employees will receive $46.9 million being 30% of their balance currently outstanding.
The payments will be credited to employees' bank accounts electronically next Thursday 7 September 2006, but may take up to three days to receive.
Statements will also be issued to every employee who receives a dividend detailing the amount paid. Any queries may be directed to us via the methods detailed at Appendix 1.
Including the sixth dividend, employees will have received $650.5 million of the $760 million owed to them.
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Apparently, all affected former Ansett staff should see some money in their account by next Thursday. Although some have suggested it may appear as soon as Monday. Either way, it's some good news for people who are still awaitng their full entitlements.
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Just checked the account. Nice little pre-christmass bonus. About double the last one just before xmass 2005.
I must admit I've received much more than I ever thought I would see. Count myself very lucky in the overall scheme of things.
I believe that is about it, apart from the chance of the odd little amount sometime in the distant future.
Hope everyone's well. Cheers.
I must admit I've received much more than I ever thought I would see. Count myself very lucky in the overall scheme of things.
I believe that is about it, apart from the chance of the odd little amount sometime in the distant future.
Hope everyone's well. Cheers.
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Funny you should say that "Relax"....
Just spent the weekend at the "bottom" of the island. Had a look around Kenting. First tourist trip I've done in the 4 years I've been here. Just re-signed for anothr 3 years so I should make an effort to get out some more.
I'll be busy for a while though as I start the 74 upgrade today. Must admit I was sad to end my 18 years on the 73. Kinda like a divorce. The only thing I've done longer is 20 years married. But I aint gunna try the divorce concept there. Too expensive!
Hoo Roo..
Just spent the weekend at the "bottom" of the island. Had a look around Kenting. First tourist trip I've done in the 4 years I've been here. Just re-signed for anothr 3 years so I should make an effort to get out some more.
I'll be busy for a while though as I start the 74 upgrade today. Must admit I was sad to end my 18 years on the 73. Kinda like a divorce. The only thing I've done longer is 20 years married. But I aint gunna try the divorce concept there. Too expensive!
Hoo Roo..
