ACTU Confirms Tesna collapse
Join Date: Mar 2001
Location: Townsville,Nth Queensland
Posts: 2,717
Likes: 0
Received 0 Likes
on
0 Posts
Wed "Sydney Morning Herald" Late News
We'll look at other bidders: administrators
. .Ansett administrators will now approach unsuccessful bidders for the collapsed airline after Lindsay Fox and Solomon Lew this morning pulled out of the deal to buy the company - with the loss of 3000 jobs.
The Tesna syndicate pulled out of negotiations with the administrators to buy Ansett, 48 hours before tomorrow's midnight deadline, effectively sounding the death knell for any long term revival of the airline.
Administrators Mark Korda and Mark Mentha, of Andersen, said today Mr Fox and Mr Lew had served a termination notice last night.
Mr Korda said Tesna had advised they could not meet tomorrow's deadline for the sale because of third-party issues.
"We are assessing the situation and, as foreshadowed at the creditors' meeting, will return to the unsuccessful bidders to pursue an alternative course," Mr Korda said in a statement.
He defended the administrators decision to go with Tesna only, and reject other options, including a bid by transport company Patrick, formerly Lang Corp.
"The Tesna option was the only option at the time to keep the Ansett business in existence," he said.
"It was in the best interests of all creditors and the only option that would have provided benefits for all unsecured creditors and jobs for employees."
Mr Korda said in the event of a no-sale of Ansett, air services would be wound down in an orderly fashion.
He confirmed Ansett's intercapital flights would continue until Monday night and refunds would be arranged for all passengers with bookings after Monday night.
Help will be provided for alternative flight arrangements with Qantas and Virgin Blue.
We're hoping for Santa: union
Ansett staff facing the sack are still hoping Santa will walk through the door, a union delegate said today.
Ansett team leader and Australian Services Union delegate Eric Dimos said 500 staff at Sydney airport faced the sack from Monday unless a white knight could be found.
Mr Dimos said the shock news of the deal's collapse came shortly after staff were reassured it would go ahead.
"We were told up until early this morning that the sale was going ahead," he said at Sydney airport today.
"We were prepared for Friday. Then there was a staff announcement just after that which said at this stage it is not going ahead.
"The staff are sad (but) maybe Santa Claus will walk through the door."
Mr Dimos, an Ansett employee of 23 years, said there was a possibility staff would choose not to show up for work.
"... and I don't blame them - we've been through a lot in the last six months," he said.
About 500 Sydney-based staff including 100 flight attendants, 150 technical crew, 150 baggage handlers and 80 customer service officers would lose their jobs if the deal did not proceed.
At the Sydney terminal today, dozens of nervous passengers crowded around television screens to watch the story unfold.
AAP
We'll look at other bidders: administrators
. .Ansett administrators will now approach unsuccessful bidders for the collapsed airline after Lindsay Fox and Solomon Lew this morning pulled out of the deal to buy the company - with the loss of 3000 jobs.
The Tesna syndicate pulled out of negotiations with the administrators to buy Ansett, 48 hours before tomorrow's midnight deadline, effectively sounding the death knell for any long term revival of the airline.
Administrators Mark Korda and Mark Mentha, of Andersen, said today Mr Fox and Mr Lew had served a termination notice last night.
Mr Korda said Tesna had advised they could not meet tomorrow's deadline for the sale because of third-party issues.
"We are assessing the situation and, as foreshadowed at the creditors' meeting, will return to the unsuccessful bidders to pursue an alternative course," Mr Korda said in a statement.
He defended the administrators decision to go with Tesna only, and reject other options, including a bid by transport company Patrick, formerly Lang Corp.
"The Tesna option was the only option at the time to keep the Ansett business in existence," he said.
"It was in the best interests of all creditors and the only option that would have provided benefits for all unsecured creditors and jobs for employees."
Mr Korda said in the event of a no-sale of Ansett, air services would be wound down in an orderly fashion.
He confirmed Ansett's intercapital flights would continue until Monday night and refunds would be arranged for all passengers with bookings after Monday night.
Help will be provided for alternative flight arrangements with Qantas and Virgin Blue.
We're hoping for Santa: union
Ansett staff facing the sack are still hoping Santa will walk through the door, a union delegate said today.
Ansett team leader and Australian Services Union delegate Eric Dimos said 500 staff at Sydney airport faced the sack from Monday unless a white knight could be found.
Mr Dimos said the shock news of the deal's collapse came shortly after staff were reassured it would go ahead.
"We were told up until early this morning that the sale was going ahead," he said at Sydney airport today.
"We were prepared for Friday. Then there was a staff announcement just after that which said at this stage it is not going ahead.
"The staff are sad (but) maybe Santa Claus will walk through the door."
Mr Dimos, an Ansett employee of 23 years, said there was a possibility staff would choose not to show up for work.
"... and I don't blame them - we've been through a lot in the last six months," he said.
About 500 Sydney-based staff including 100 flight attendants, 150 technical crew, 150 baggage handlers and 80 customer service officers would lose their jobs if the deal did not proceed.
At the Sydney terminal today, dozens of nervous passengers crowded around television screens to watch the story unfold.
AAP
Bottums Up
Why, when Tesna was selected by the Administrators, as the preferred buyer, were the other interested parties sent packing?
Surely as with buying a house or other type of investment, the first to sign a contract and put their money on the table, usually gets the prize.
Surely as with buying a house or other type of investment, the first to sign a contract and put their money on the table, usually gets the prize.
Join Date: Mar 2001
Location: Townsville,Nth Queensland
Posts: 2,717
Likes: 0
Received 0 Likes
on
0 Posts
A news report for Ansett employees. .AN Update 040. .27 February 2002
MESSAGE FROM JAMES HOGAN: It is with the deepest regret that I must advise you that the Administrators Andersens and Tesna Co-Chairmen, Solomon Lew and Lindsay Fox, will imminently announce that the finalisation of all arrangements necessary for the completion of the sale agreement between Tesna and the Ansett Administrators cannot be achieved by 28 February, and the sale process involving Tesna and the Administrators has ceased.
I am now meeting with Mark Mentha and Mark Korda regarding the next steps we must follow and together we will issue further information and. .instructions later today including establishment of a staff help line.
Please remain in your workplaces, and maintain as you always have, your. .professional care of our customers and your support for your colleagues.
Please raise any queries directly with your manager or via email to EGM
Attached is a statement which will be issued publicly shortly by Tesna principals Solomon Lew and Lindsay Fox who are deeply disappointed as are all parties, in this outcome.
James Hogan
Released by Ansett Corporate Affairs
MESSAGE FROM JAMES HOGAN: It is with the deepest regret that I must advise you that the Administrators Andersens and Tesna Co-Chairmen, Solomon Lew and Lindsay Fox, will imminently announce that the finalisation of all arrangements necessary for the completion of the sale agreement between Tesna and the Ansett Administrators cannot be achieved by 28 February, and the sale process involving Tesna and the Administrators has ceased.
I am now meeting with Mark Mentha and Mark Korda regarding the next steps we must follow and together we will issue further information and. .instructions later today including establishment of a staff help line.
Please remain in your workplaces, and maintain as you always have, your. .professional care of our customers and your support for your colleagues.
Please raise any queries directly with your manager or via email to EGM
Attached is a statement which will be issued publicly shortly by Tesna principals Solomon Lew and Lindsay Fox who are deeply disappointed as are all parties, in this outcome.
James Hogan
Released by Ansett Corporate Affairs
Join Date: Mar 2001
Location: Townsville,Nth Queensland
Posts: 2,717
Likes: 0
Received 0 Likes
on
0 Posts
ABC News Online:
Wed, Feb 27 2002 1:53 PM AEDT
Administrators desperate after Tesna deal fails
Ansett's administrators will speak to other parties about the possibility of buying the airline or its assets following the Tesna consortium's decision to pull out of the deal.
The exit of the Lindsay Fox and Solomon Lew-backed Tesna consortium, leaves Ansett's administrators back at square one.
The administrators say they will let the dust settle over the next few days, then revisit the question of Ansett's future.
They have confirmed they will speak to Virgin Airlines, Singapore Airlines and Lang Corporation and any other interested parties, to determine if Ansett or its assets could still be sold.
But they concede the airline will not be back in the air on the same scale as Tesna had planned.
Wed, Feb 27 2002 1:53 PM AEDT
Administrators desperate after Tesna deal fails
Ansett's administrators will speak to other parties about the possibility of buying the airline or its assets following the Tesna consortium's decision to pull out of the deal.
The exit of the Lindsay Fox and Solomon Lew-backed Tesna consortium, leaves Ansett's administrators back at square one.
The administrators say they will let the dust settle over the next few days, then revisit the question of Ansett's future.
They have confirmed they will speak to Virgin Airlines, Singapore Airlines and Lang Corporation and any other interested parties, to determine if Ansett or its assets could still be sold.
But they concede the airline will not be back in the air on the same scale as Tesna had planned.
Join Date: Jan 1999
Location: Australia when not slaving
Posts: 52
Likes: 0
Received 0 Likes
on
0 Posts
I'm an 89 er and even though on these posts I predicted this end I take no solace from it, a Once Great Airline is gone, which for me was taken away on 24 August 1989.
Congratulations to the ACTU, Kelty and now Combet it's good to see that you haven't forgot how to "shaft" the workers.
We were shafted good and proper in '89 now you've done it again.
To those staff post '89 I wish you well and good luck, you will have to adopt survival proceedures as we have.
To my compatriots pre '89 you must bare a large degree of responsibility for this debacle by your indecent haste to rush back for your 30 pieces of silver, 12 years is not long for "B......rds" to get there com-uppance, good riddance! Unfortunately a lot of probably loyal staff are caught up in this maelstrom, it's very sad!
<img src="frown.gif" border="0">
Congratulations to the ACTU, Kelty and now Combet it's good to see that you haven't forgot how to "shaft" the workers.
We were shafted good and proper in '89 now you've done it again.
To those staff post '89 I wish you well and good luck, you will have to adopt survival proceedures as we have.
To my compatriots pre '89 you must bare a large degree of responsibility for this debacle by your indecent haste to rush back for your 30 pieces of silver, 12 years is not long for "B......rds" to get there com-uppance, good riddance! Unfortunately a lot of probably loyal staff are caught up in this maelstrom, it's very sad!
<img src="frown.gif" border="0">
Join Date: Mar 2001
Location: Townsville,Nth Queensland
Posts: 2,717
Likes: 0
Received 0 Likes
on
0 Posts
"The Age" B/News
Fox and Lew express regret. .February 27 2002
. .Businessmen Lindsay Fox and Solomon Lew today spoke of their deep regret at the failure of their bid to revive Ansett.
At a media conference in Melbourne they blamed the collapse of the deal, one day before its deadline, on third party issues.
The two men firmly denied speculation that their Tesna consortium did not have the finance to complete the deal. Mr Lew told reporters a letter of termination was delivered to administrators Andersen at 6pm yesterday.
A late night meeting was called at Mr Lew's office at 8pm where an extension was offered but not taken by Tesna. Mr Fox said he felt terrible that the deal had fallen through.
"I don't think I've felt as bad about any commercial transaction in my life," he said.
Mr Fox said the consortium now had no plans to purchase any of Ansett's assets.
"We're not in there to try to cherry-pick after walking away," he said.
Mr Lew said there were forces working against the Tesna proposal but it was too early to point the blame.
He said a lot of spin doctoring and leaking of information had damaged the bid.
He said administrators owed the owners of the airports tens of millions of dollars in back rent and there had been discrepancies about how and when it would be paid.
In the end, they only had one airport and six aircraft leases signed, Mr Lew said, and their lawyers would not let them complete the deal while there was nothing to purchase.
Mr Lew said some of the actions of the landlords of airports had hindered the negotiations.
He also stressed that Tesna was fully financed and ready to complete the bid and that key US investors were fully behind them until the very end.
Mr Fox said he would love to see someone come in and revive Ansett but Tesna had not been able to do it under the conditions.
AAP
Fox and Lew express regret. .February 27 2002
. .Businessmen Lindsay Fox and Solomon Lew today spoke of their deep regret at the failure of their bid to revive Ansett.
At a media conference in Melbourne they blamed the collapse of the deal, one day before its deadline, on third party issues.
The two men firmly denied speculation that their Tesna consortium did not have the finance to complete the deal. Mr Lew told reporters a letter of termination was delivered to administrators Andersen at 6pm yesterday.
A late night meeting was called at Mr Lew's office at 8pm where an extension was offered but not taken by Tesna. Mr Fox said he felt terrible that the deal had fallen through.
"I don't think I've felt as bad about any commercial transaction in my life," he said.
Mr Fox said the consortium now had no plans to purchase any of Ansett's assets.
"We're not in there to try to cherry-pick after walking away," he said.
Mr Lew said there were forces working against the Tesna proposal but it was too early to point the blame.
He said a lot of spin doctoring and leaking of information had damaged the bid.
He said administrators owed the owners of the airports tens of millions of dollars in back rent and there had been discrepancies about how and when it would be paid.
In the end, they only had one airport and six aircraft leases signed, Mr Lew said, and their lawyers would not let them complete the deal while there was nothing to purchase.
Mr Lew said some of the actions of the landlords of airports had hindered the negotiations.
He also stressed that Tesna was fully financed and ready to complete the bid and that key US investors were fully behind them until the very end.
Mr Fox said he would love to see someone come in and revive Ansett but Tesna had not been able to do it under the conditions.
AAP
Join Date: May 1999
Location: Australia
Posts: 21
Likes: 0
Received 0 Likes
on
0 Posts
Capt Claret and anyone else who wants a good perspective of some of the inside workings of this debarcle please refer to. .<a href="http://www.crikey.com.au/business/ansetthistory.html" target="_blank">www.crikey.com.au/business/ansetthistory.html</a>
