Anyone have info on ANstaff
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Anyone have info on ANstaff
I'm an AN employee and desperate to find out exactly whats happening with the ANstaff bid. One moment I hear that the pilots are looking at getting legal advice to sack the Administrators, the next I hear they are submitting their bid and then now I hear the bid wasn't submitted.
I realise that a lot of whats going on is extremely confidential considering the way ALL staff were shafted during last weeks debacle, but if any of you know anyone involved in the Pilots buyout can you let me know where they are at...eg are they going to put in their bid or not.
I'm desperate for a solution to this mess and not a Fox/Lew solution.
Thanks
I realise that a lot of whats going on is extremely confidential considering the way ALL staff were shafted during last weeks debacle, but if any of you know anyone involved in the Pilots buyout can you let me know where they are at...eg are they going to put in their bid or not.
I'm desperate for a solution to this mess and not a Fox/Lew solution.
Thanks
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The last I heard they were still filling in the blanks on funding.I would imagine they are keeping a low profile at the moment until they can come out with something that is watertight.If the funding issue can be resolved I would imagine that the Administrators would not be able to just discard the ANstaff proposal but would have to put both options before the creditors.
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13Nov2001 AUSTRALIA: Pilots call mayday on handling of buyout bid.
Richard Gluyas THE ANstaff pilots' syndicate is refusing to give up its bid to buy Ansett, detailing plans last night to submit an offer to Thursday's meeting of the airline's creditor committee.
ANstaff adviser Michael Jones accused the Ansett administrators, Mark Mentha and Mark Korda of accounting firm Andersen, of "putting every obstacle they can in our way to stop us putting in our bid".
He said ANstaff's legal advisers, Deacons, had written to the administrators about a breach of confidentiality relating to ANstaff's proposal.
The syndicate threatened the administrators with Federal Court action after Mr Mentha and Mr Korda failed to respond to 15 telephone messages on Friday.
"We don't believe we're getting a fair hearing," Mr Jones said, referring to the announcement of businessmen Solomon Lew and Lindsay Fox as preferred bidders. "As I understand it, the Prime Minister's department is discussing with the administrators why they jumped so early."
Mr Jones said ANstaff had only received details of the lease liabilities for the Ansett aircraft at 6pm last night, making it harder to secure funding commitments.
Even so, he expected ANstaff to lodge a fully funded offer at the Thursday meeting.
The administrators could not be reached to respond to Mr Jones's claims. However, asked earlier about the ANstaff bid, led by former Ansett boss Graeme McMahon, Mr Korda said the administrators had dealt with the syndicate for "many weeks". "But we have decided it is in the best interests of all creditors to accept the Fox-Lew proposal," he said. "Even if Singapore Airlines knocked on our door tomorrow, we'd have to say the asset is sold."
In the background is a proposal by Virgin Blue and Chris Corrigan's Lang Corporation.
One source said yesterday Virgin Blue was seeking funding, based on an assumed company valuation of between $350 million and $500 million.
Virgin Blue, the source said, aimed to sell a 49 per cent stake to investors, leasing airport terminals bought by Lang in any liquidation of Ansett.
(c) Nationwide News Proprietary Ltd, 2001.
Sources: AUSTRALIAN (THE) 13/11/2001 P2
Richard Gluyas THE ANstaff pilots' syndicate is refusing to give up its bid to buy Ansett, detailing plans last night to submit an offer to Thursday's meeting of the airline's creditor committee.
ANstaff adviser Michael Jones accused the Ansett administrators, Mark Mentha and Mark Korda of accounting firm Andersen, of "putting every obstacle they can in our way to stop us putting in our bid".
He said ANstaff's legal advisers, Deacons, had written to the administrators about a breach of confidentiality relating to ANstaff's proposal.
The syndicate threatened the administrators with Federal Court action after Mr Mentha and Mr Korda failed to respond to 15 telephone messages on Friday.
"We don't believe we're getting a fair hearing," Mr Jones said, referring to the announcement of businessmen Solomon Lew and Lindsay Fox as preferred bidders. "As I understand it, the Prime Minister's department is discussing with the administrators why they jumped so early."
Mr Jones said ANstaff had only received details of the lease liabilities for the Ansett aircraft at 6pm last night, making it harder to secure funding commitments.
Even so, he expected ANstaff to lodge a fully funded offer at the Thursday meeting.
The administrators could not be reached to respond to Mr Jones's claims. However, asked earlier about the ANstaff bid, led by former Ansett boss Graeme McMahon, Mr Korda said the administrators had dealt with the syndicate for "many weeks". "But we have decided it is in the best interests of all creditors to accept the Fox-Lew proposal," he said. "Even if Singapore Airlines knocked on our door tomorrow, we'd have to say the asset is sold."
In the background is a proposal by Virgin Blue and Chris Corrigan's Lang Corporation.
One source said yesterday Virgin Blue was seeking funding, based on an assumed company valuation of between $350 million and $500 million.
Virgin Blue, the source said, aimed to sell a 49 per cent stake to investors, leasing airport terminals bought by Lang in any liquidation of Ansett.
(c) Nationwide News Proprietary Ltd, 2001.
Sources: AUSTRALIAN (THE) 13/11/2001 P2
