Ansett latest news
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Ansett latest news
AN Update
A news report for Ansett Australia employees
AN Update 035
17 December 2001
Message From Mark Mentha
The following media announcement just released by the Tesna Consortium is another terrific step in the right direction for the “all new” Ansett as we head towards the launch date of 1 February 2002.
INVESTMENT PARTNER JOINS LEW, FOX: Mr Solomon Lew and Mr Lindsay Fox announced today that a heads of agreement had been signed with Air Partners III Australia, LLC ('Air Partners') to become an equity partner in Tesna Holdings Pty Ltd ('Tesna').
Tesna will become the new owner of Ansett from 31 January, 2002 following completion of the sale agreement with the Ansett Administrators for the mainline airline assets of the Ansett group.
The key principals of Air Partners include Mr David Bonderman and Mr Bill Franke. Mr Bonderman is the Chairman of Ryanair and a Director of Continental Airlines. Mr Franke was CEO of America West Airlines from 1993 to August 2001 and Chairman of Airplanes Group plc, a large aircraft finance entity.
Messrs Lew and Fox said "The Air Partners team brings to Tesna and Ansett significant and successful airline and aircraft finance experience that includes investments in Continental Airlines, America West Airlines, Ryanair and the aircraft finance company AerFi, plc (formerly GPA, plc)".
"The common theme in their airline related investments is an active and direct involvement to achieve significant improvement in operating and financial performance and business turnaround. Ryanair, for example, has been transformed from a niche operator to become the second largest airline by market capitalisation in Europe, with a value higher than British Airways", they said.
Mr Bonderman said, "We believe Ansett represents a unique circumstance where we, working with committed local partners, can restore and build value."
Mr Franke said, "Having looked first hand at Ansett and the overall market in Australia, I am convinced Ansett can be restored to being a great airline, and a great business, of which employees and the travelling public can be proud."
Messrs. Lew and Fox said, "Air Partners will contribute human resources, intellectual and financial capital and an international network of industry relationships to Ansett. Mr Franke, as Air Partners' managing member, will be primarily responsible for the investment and will commit substantial time. He has been in Melbourne again this week and we will together pursue as a priority the selection of key senior management which we hope to be able to announce in the near future."
"While we actively explored a number of alternative arrangements to manage and operate Ansett we believe the track record of Air Partners' principals in building strong management teams and actively managing their airline investments is the preferred outcome."
The terms at Air Partners' investment in Ansett are confidential, however Messrs Lew and Fox, while sharing management control, will retain majority ownership and will be Co-Chairmen after 31 January.
The Air Partners investment is subject to approval by the Foreign investment Review Board.
A news report for Ansett Australia employees
AN Update 035
17 December 2001
Message From Mark Mentha
The following media announcement just released by the Tesna Consortium is another terrific step in the right direction for the “all new” Ansett as we head towards the launch date of 1 February 2002.
INVESTMENT PARTNER JOINS LEW, FOX: Mr Solomon Lew and Mr Lindsay Fox announced today that a heads of agreement had been signed with Air Partners III Australia, LLC ('Air Partners') to become an equity partner in Tesna Holdings Pty Ltd ('Tesna').
Tesna will become the new owner of Ansett from 31 January, 2002 following completion of the sale agreement with the Ansett Administrators for the mainline airline assets of the Ansett group.
The key principals of Air Partners include Mr David Bonderman and Mr Bill Franke. Mr Bonderman is the Chairman of Ryanair and a Director of Continental Airlines. Mr Franke was CEO of America West Airlines from 1993 to August 2001 and Chairman of Airplanes Group plc, a large aircraft finance entity.
Messrs Lew and Fox said "The Air Partners team brings to Tesna and Ansett significant and successful airline and aircraft finance experience that includes investments in Continental Airlines, America West Airlines, Ryanair and the aircraft finance company AerFi, plc (formerly GPA, plc)".
"The common theme in their airline related investments is an active and direct involvement to achieve significant improvement in operating and financial performance and business turnaround. Ryanair, for example, has been transformed from a niche operator to become the second largest airline by market capitalisation in Europe, with a value higher than British Airways", they said.
Mr Bonderman said, "We believe Ansett represents a unique circumstance where we, working with committed local partners, can restore and build value."
Mr Franke said, "Having looked first hand at Ansett and the overall market in Australia, I am convinced Ansett can be restored to being a great airline, and a great business, of which employees and the travelling public can be proud."
Messrs. Lew and Fox said, "Air Partners will contribute human resources, intellectual and financial capital and an international network of industry relationships to Ansett. Mr Franke, as Air Partners' managing member, will be primarily responsible for the investment and will commit substantial time. He has been in Melbourne again this week and we will together pursue as a priority the selection of key senior management which we hope to be able to announce in the near future."
"While we actively explored a number of alternative arrangements to manage and operate Ansett we believe the track record of Air Partners' principals in building strong management teams and actively managing their airline investments is the preferred outcome."
The terms at Air Partners' investment in Ansett are confidential, however Messrs Lew and Fox, while sharing management control, will retain majority ownership and will be Co-Chairmen after 31 January.
The Air Partners investment is subject to approval by the Foreign investment Review Board.
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SYDNEY (Dow Jones)--Businessmen Solomon Lew and Lindsay Fox said Monday they signed an agreement for Air Partners III Australia LLC to become an equity partner in Tesna Holdings Pty. Ltd.
Tesna was set up by Lew and Fox as a holding company to take over the ailing Ansett Airlines.
"The terms of Air Partners' investment in Ansett are confidential. However, Messrs. Lew and Fox, while sharing management control, will retain majority ownership and will be co-chairmen after Jan. 31," said Lew and Fox in a statement.
Tesna will become the new owner of Ansett from Jan. 31 following the completion of the sale agreement with Ansett administrator Arthur Andersen for Ansett's main trunk routes on all major cities.
The key investors in Air Partners include airline executives David Bonderman and Bill Franke.
Bonderman is currently chairman of Irish airline Ryanair Holdings and a director of Continental Airlines Inc.
Franke was chief executive of America West Airlines from 1993 to August this year.
"The Air Partner team brings to Tesna and Ansett significant and successful airline and aircraft finance experience that includes investments in Continental Airlines, America West Airlines, Ryanair and the aircraft finance company AerFi PLC," said Lew-Fox in a statement.
Lew and Fox said Air Partners will contribute human resources, intellectual and financial capital and an international network of industry relationships to Ansett.
The Air Partners investment is subject to approval by the Foreign Investment Review Board, they said.
Arthur Andersen wasn't immediately available to comment on the Lew-Fox and Air Partners agreement.
A spokeswoman for Fox declined to comment further on the Air Partners agreement, saying "more announcements over the next week or two" were expected.
No further details about the Air Partners minority stake were available, she said.
-By Lilly Vitorovich; Dow Jones Newswires;
61-2-8235-2963; [email protected]
Tesna was set up by Lew and Fox as a holding company to take over the ailing Ansett Airlines.
"The terms of Air Partners' investment in Ansett are confidential. However, Messrs. Lew and Fox, while sharing management control, will retain majority ownership and will be co-chairmen after Jan. 31," said Lew and Fox in a statement.
Tesna will become the new owner of Ansett from Jan. 31 following the completion of the sale agreement with Ansett administrator Arthur Andersen for Ansett's main trunk routes on all major cities.
The key investors in Air Partners include airline executives David Bonderman and Bill Franke.
Bonderman is currently chairman of Irish airline Ryanair Holdings and a director of Continental Airlines Inc.
Franke was chief executive of America West Airlines from 1993 to August this year.
"The Air Partner team brings to Tesna and Ansett significant and successful airline and aircraft finance experience that includes investments in Continental Airlines, America West Airlines, Ryanair and the aircraft finance company AerFi PLC," said Lew-Fox in a statement.
Lew and Fox said Air Partners will contribute human resources, intellectual and financial capital and an international network of industry relationships to Ansett.
The Air Partners investment is subject to approval by the Foreign Investment Review Board, they said.
Arthur Andersen wasn't immediately available to comment on the Lew-Fox and Air Partners agreement.
A spokeswoman for Fox declined to comment further on the Air Partners agreement, saying "more announcements over the next week or two" were expected.
No further details about the Air Partners minority stake were available, she said.
-By Lilly Vitorovich; Dow Jones Newswires;
61-2-8235-2963; [email protected]
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The Ansett knockers silence is deafening!! I guess that Fox and Lew are just going to sell off the terminals and put the staff back on the street minus their entitlements. Guess I had better plead for my expression of interest back.
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For Ansett people who will be re-employed this is great news. For those who are not re-employed, this will be a pretty lousy time, especially coming over Xmas. My thoughts go out to them.
Yes the silence is deafening.
But, no doubt the usual suspects are about to pen the usual poison and malice that marks so much of their work.
We await their comments.
Yes the silence is deafening.
But, no doubt the usual suspects are about to pen the usual poison and malice that marks so much of their work.
We await their comments.
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Lets see...America West is one of the worst run airlines in the States and Continental has had more bad years than good in the last decade. Ryanair may be in the black but there are a lot of unhappy people there. Lets hope that these guys don't bring that brand of management to this country.
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America West & Continental Airlines - two of the greatest exponents and exploiters of scab labour ever to grace the skies of aviation.
Can't see too much reason to celebrate here - unless of course you are of the heroic type!
Keep the faith :]
Can't see too much reason to celebrate here - unless of course you are of the heroic type!
Keep the faith :]
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The current management at HP and CO have little to do with the industrial action of the past. Ryanair is one of the most well geared airlines in the world and is tipped to become one of the largest operators in Europe. I am sure their influence will be positive. (and they pay well too)
Whiskery, you and Kap M will have to let go at some stage in your life, now might be a good time.
Whiskery, you and Kap M will have to let go at some stage in your life, now might be a good time.
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I guess this means Singapore have pulled out! Perhaps this was a fallout between the ACTU and Singapore. Going by the track record of America West and Continental don't plan on a long career with AN MK3. All the best, fellas. If Singapore get behind Virgin it's all over.
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Hopefully Ansett will in time become able to seriously compete with QANTAS for full service, and help keep air tickets affordable for ALL of us.
As for the gentlemen from America West, Continental, and Ryanair .. I can only hope they have better work practices in mind ...
oicur12 on other threads (terms of endearment I think
) pilots who work for Ryanair are saying the pay is NOT that good (especially for new hires)... I only hope the pilots who get work with Tesna get what they are worth.
Good Luck to all the Ansett workers out there!
Merry Christmas everyone.
JetRacer
As for the gentlemen from America West, Continental, and Ryanair .. I can only hope they have better work practices in mind ...
oicur12 on other threads (terms of endearment I think
) pilots who work for Ryanair are saying the pay is NOT that good (especially for new hires)... I only hope the pilots who get work with Tesna get what they are worth. Good Luck to all the Ansett workers out there!
Merry Christmas everyone.
JetRacer
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I posed the question on Airliners Net
"How good is Bill Franke ex American West"
a bit of a surprise with the 2 replies from
Americans so far before they have even woken
up in the states yet:
-------------------------------------------
Topic: RE: How Good Is Bill Franke Ex American West?
Username: Baxter
Posted 2001-12-17 09:27:36 and read 15 times.
He built AmWest from bankruptcy into a major and then collapsed them back to near bankruptcy.
------------------------------------------
Topic: RE: How Good Is Bill Franke Ex American West?
Username: Jmc1975
Posted 2001-12-17 09:43:39 and read 8 times.
Wirraway,
First off, I'd like to clarify that it's America West, and not American West. About Bill Franke....I'm sorry to say but the man is nothing more than a greedy money-grubber. He has absolutely no concept of how to run an airline, nor is he interested in how an airline works. All decisions he makes are based solely on what he can put in his back pocket. The bottomline and nothing else, not morale, not performance are what's important to him. He also has no people skills whatsoever....prior to leaving America West, he had recieved numerous death threats from disgruntled and fired employees and he has become one of the most hated men in Arizona because of adversely affecting the lives of many. Maybe he can turn a company around, but Ansett deserves far better than to be sucked dry by him.
--------------------------------------------
it will be interesting to see some more
opinions in the next few hours, I had zilch
knowlege on who Bill Franke is and is the
reason I asked the question.
http://airliners.net/discussions/gen...d.main/677698/
Wirraway
"How good is Bill Franke ex American West"
a bit of a surprise with the 2 replies from
Americans so far before they have even woken
up in the states yet:
-------------------------------------------
Topic: RE: How Good Is Bill Franke Ex American West?
Username: Baxter
Posted 2001-12-17 09:27:36 and read 15 times.
He built AmWest from bankruptcy into a major and then collapsed them back to near bankruptcy.
------------------------------------------
Topic: RE: How Good Is Bill Franke Ex American West?
Username: Jmc1975
Posted 2001-12-17 09:43:39 and read 8 times.
Wirraway,
First off, I'd like to clarify that it's America West, and not American West. About Bill Franke....I'm sorry to say but the man is nothing more than a greedy money-grubber. He has absolutely no concept of how to run an airline, nor is he interested in how an airline works. All decisions he makes are based solely on what he can put in his back pocket. The bottomline and nothing else, not morale, not performance are what's important to him. He also has no people skills whatsoever....prior to leaving America West, he had recieved numerous death threats from disgruntled and fired employees and he has become one of the most hated men in Arizona because of adversely affecting the lives of many. Maybe he can turn a company around, but Ansett deserves far better than to be sucked dry by him.
--------------------------------------------
it will be interesting to see some more
opinions in the next few hours, I had zilch
knowlege on who Bill Franke is and is the
reason I asked the question.
http://airliners.net/discussions/gen...d.main/677698/
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Whatever is written about Ansett Mks. 1-100, the fact is that Ansett is dead, and well and truly buried.
All the comments in the world by those who hope to be a part of any other outfit called AN Mk 1 or 100 which suggest the original has relevance, is pure whimsical fantasy.
And make no mistake, Ansett died the day Abeles and Murdoch took control, and it is time those who suggest "get a life" to the rest of us realised it.
All the comments in the world by those who hope to be a part of any other outfit called AN Mk 1 or 100 which suggest the original has relevance, is pure whimsical fantasy.
And make no mistake, Ansett died the day Abeles and Murdoch took control, and it is time those who suggest "get a life" to the rest of us realised it.
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What would concern any Ansett supporter is this issue of SQ. AN really needed them on board from the start.
SQ desperately needs integrated Australian on carriage. If the reports in this post prove to be correct, then AN's future is indeed clouded.
As much as I don't like it, any retraction of SQ from AN can only be manna from heaven for Virgin.
Indeed, would SQ look at replacing Lang to recapitalise Virgin? Interesting concept.
To counter this, though, is the Star alliance in which Ansett have said they will continue to participate.
This story has more twists and turns than a tornado. What's next?
SQ desperately needs integrated Australian on carriage. If the reports in this post prove to be correct, then AN's future is indeed clouded.
As much as I don't like it, any retraction of SQ from AN can only be manna from heaven for Virgin.
Indeed, would SQ look at replacing Lang to recapitalise Virgin? Interesting concept.
To counter this, though, is the Star alliance in which Ansett have said they will continue to participate.
This story has more twists and turns than a tornado. What's next?
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Jet Racer,
I will qualify my comments. FR pay more than many carriers in Euro including OG and TV.
Wirraway,
The person you queried on airliners.net is an HP driver. I can find you many pilots at QF that swear black and blue that J.Strong ruined QF.
I will qualify my comments. FR pay more than many carriers in Euro including OG and TV.
Wirraway,
The person you queried on airliners.net is an HP driver. I can find you many pilots at QF that swear black and blue that J.Strong ruined QF.
Evertonian
"Great! That's just farkin' great man!!"
Bye bye SQ, Bye bye STAR, hello Centrelink!
Why is it that AN is being acquired by companies that AN had invested in previously?
Whiskery.
Be careful where you go with that thought. If CO & HP used scab (your phrase) labour in the past & will thereby tarnish AN once more, where does that leave Virgin with Lang, who did the same thing on the docks? Does that mean all those DJ crews might have to resign on principle???
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Statorblade and Captain_Zoolander,
Forgive me guys but I guess I am just a dumb****!
Was it not SQ who were to come riding in on a white charger to save AN a few weeks ago?
The irony is just too much for me to comprehend.
Please explain?
Forgive me guys but I guess I am just a dumb****!
Was it not SQ who were to come riding in on a white charger to save AN a few weeks ago?
The irony is just too much for me to comprehend.
Please explain?
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From where I sit,AN3 had to have some SQ involvement to be a serious contentender.So is what we're reading here that we've got another couple of blow in's that are even stranger bed fellows as Fox/Lew.
How the hell did these guy's get in the picture,its not exactly great news to me Mr mentha,you'd better tell us why it is !!.
If indeed SQ are not involved they must be the slowest outfit around or they believe AN is a basket case.
There is no way SQ are interested in Virgin. Does anyone really think they will use a budget Airline for on-carriage of their first/business pax,not a chance!!,particularly without proper terminals.
Us AN folk will just have to hope that the next bit of good news will include some good news.
How the hell did these guy's get in the picture,its not exactly great news to me Mr mentha,you'd better tell us why it is !!.
If indeed SQ are not involved they must be the slowest outfit around or they believe AN is a basket case.
There is no way SQ are interested in Virgin. Does anyone really think they will use a budget Airline for on-carriage of their first/business pax,not a chance!!,particularly without proper terminals.
Us AN folk will just have to hope that the next bit of good news will include some good news.
Moderate, Modest & Mild.
"The Air Partner team brings to Tesna and Ansett significant and successful airline and aircraft finance experience that includes investments in Continental Airlines, America West Airlines, Ryanair".........you AN folks are about to get screwed (monetary-wise) BIG TIME.
At the moment you've got NOTHING - so SOMETHING has to be better................doesn't it?!!
But really, whogivesa?!!
At the moment you've got NOTHING - so SOMETHING has to be better................doesn't it?!!
But really, whogivesa?!!
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Statorblade
When is this nightmare going to end for the AN staff.
There is absolutely NO synergy, cultural, financial or management in the proposed deal with these two guys.
This is dead set classic blind talking to the deaf stuff.
An administrator desperate to salvage a deal stillborn by an unexpected electoral resurrection, with a couple of would be airline magnet main chancers in a shotgun marriage with a couple of blokes who can spel airline, have no idea of how the Oz market works, but can sniff a financial main chance somewhere in there, because their originally intended bride got religion when she saw that the prenuptial agreement they wanted her to sign wasn't worth a cracker.
I'm no aviation magnet either, but every bell, clacker and horn is going off, the annunciator board is lit up and the master caution wont cancel when I see this little doozy happening.
Cheers
From one of the usual suspects
When is this nightmare going to end for the AN staff.
There is absolutely NO synergy, cultural, financial or management in the proposed deal with these two guys.
This is dead set classic blind talking to the deaf stuff.
An administrator desperate to salvage a deal stillborn by an unexpected electoral resurrection, with a couple of would be airline magnet main chancers in a shotgun marriage with a couple of blokes who can spel airline, have no idea of how the Oz market works, but can sniff a financial main chance somewhere in there, because their originally intended bride got religion when she saw that the prenuptial agreement they wanted her to sign wasn't worth a cracker.
I'm no aviation magnet either, but every bell, clacker and horn is going off, the annunciator board is lit up and the master caution wont cancel when I see this little doozy happening.
Cheers
From one of the usual suspects
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Tues "Melbourne Age"
US billionaire joins Fox-Lew bid
By MALCOLM MAIDEN
AND STATHI PAXINOS
Tuesday 18 December 2001
ISSUES 2001: Ansett crisis
Lindsay Fox and Solomon Lew have recruited two wealthy American businessmen as partners in their their plan to revive Ansett.
David Bonderman, a billionaire Texan investor and Bill Franke, a former airline chief executive, have agreed to take an undisclosed stake in the Fox-Lew bid to take over Ansett from January 31.
The deal means that the Melbourne duo can no longer claim to be mounting a 100 per cent Australian bid, but they gain partners who bring the key asset they lack - hands-on exposure to the airline industry.
Details of the deal were not disclosed, but one of Mr Bonderman's private investment companies, Air Partners, is expected to take more than 30 per cent of the venture, with Mr Fox and Mr Lew retaining majority control.
Bonderman investment companies have been involved with the successful European discount airline Ryanair, of which Mr Bonderman is chairman, and the revival of two US airlines, Continental and America West.
An adviser to the failed staff buy-out bid for Ansett also revealed yesterday that the syndicate had approached Mr Bonderman's group to back their bid.
Mr Bonderman's main private equity vehicle, Texas Pacific, was recently reported to be cashed up after raising $US4 billion and looking for significant investment opportunities, particularly outside the United States.
Mr Fox and Mr Lew had been negotiating for Singapore Airlines to operate a revived Ansett, but the US deal points the Australian duo to an alternative arrangement, coordinated by the Bonderman interests.
The Fox-Lew company, Tesna Holdings, has been selected by Ansett's administrators as preferred bidder for Ansett, and faces a January 31 deadline to complete the purchase.
The deal is yet to finally ratified by Ansett's creditors, however, and Mr Fox and Mr Lew are under pressure to keep up the momentum because Lang Corp and Virgin Air are promoting a rival offer for Ansett assets.
Ansett administrator Mark Mentha said yesterday's announcement did not exclude Singapore from future involvement. But Mr Fox and Mr Lew said that the record of Mr Bonderman and his partners in "building strong management teams and actively managing their airline investments is the preferred outcome".
Mr Fox and Mr Lew said Air Partners would provide "human resources, intellectual and financial capital and an international network of industry relationships to Ansett".
Mr Franke, a former chief executive of America West Airlines, is in partnership with Mr Bonderman in the investment. Mr Franke is now in Australia working with Mr Fox and Mr Lew to compile Ansett's new senior management team.
Mr Bonderman said in a statement that Ansett represented a "unique circumstance" and an opportunity to build value.
The new partners in Ansett were described recently by Business Week as "globe-trotting deal-makers" who had moved aggressively after the September 11 terrorist attacks, announcing a $US660 million acquisition of a Norwegian phone-directory company on September 17, taking control of the third largest silicon wafer maker two weeks later, and in early October launching a $US1.6 billion-plus rescue bid for a struggling German bank.
US billionaire joins Fox-Lew bid
By MALCOLM MAIDEN
AND STATHI PAXINOS
Tuesday 18 December 2001
ISSUES 2001: Ansett crisis
Lindsay Fox and Solomon Lew have recruited two wealthy American businessmen as partners in their their plan to revive Ansett.
David Bonderman, a billionaire Texan investor and Bill Franke, a former airline chief executive, have agreed to take an undisclosed stake in the Fox-Lew bid to take over Ansett from January 31.
The deal means that the Melbourne duo can no longer claim to be mounting a 100 per cent Australian bid, but they gain partners who bring the key asset they lack - hands-on exposure to the airline industry.
Details of the deal were not disclosed, but one of Mr Bonderman's private investment companies, Air Partners, is expected to take more than 30 per cent of the venture, with Mr Fox and Mr Lew retaining majority control.
Bonderman investment companies have been involved with the successful European discount airline Ryanair, of which Mr Bonderman is chairman, and the revival of two US airlines, Continental and America West.
An adviser to the failed staff buy-out bid for Ansett also revealed yesterday that the syndicate had approached Mr Bonderman's group to back their bid.
Mr Bonderman's main private equity vehicle, Texas Pacific, was recently reported to be cashed up after raising $US4 billion and looking for significant investment opportunities, particularly outside the United States.
Mr Fox and Mr Lew had been negotiating for Singapore Airlines to operate a revived Ansett, but the US deal points the Australian duo to an alternative arrangement, coordinated by the Bonderman interests.
The Fox-Lew company, Tesna Holdings, has been selected by Ansett's administrators as preferred bidder for Ansett, and faces a January 31 deadline to complete the purchase.
The deal is yet to finally ratified by Ansett's creditors, however, and Mr Fox and Mr Lew are under pressure to keep up the momentum because Lang Corp and Virgin Air are promoting a rival offer for Ansett assets.
Ansett administrator Mark Mentha said yesterday's announcement did not exclude Singapore from future involvement. But Mr Fox and Mr Lew said that the record of Mr Bonderman and his partners in "building strong management teams and actively managing their airline investments is the preferred outcome".
Mr Fox and Mr Lew said Air Partners would provide "human resources, intellectual and financial capital and an international network of industry relationships to Ansett".
Mr Franke, a former chief executive of America West Airlines, is in partnership with Mr Bonderman in the investment. Mr Franke is now in Australia working with Mr Fox and Mr Lew to compile Ansett's new senior management team.
Mr Bonderman said in a statement that Ansett represented a "unique circumstance" and an opportunity to build value.
The new partners in Ansett were described recently by Business Week as "globe-trotting deal-makers" who had moved aggressively after the September 11 terrorist attacks, announcing a $US660 million acquisition of a Norwegian phone-directory company on September 17, taking control of the third largest silicon wafer maker two weeks later, and in early October launching a $US1.6 billion-plus rescue bid for a struggling German bank.