New schedule to blow out Ansett purse
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New schedule to blow out Ansett purse
ABC News Net: . .Posted: Fri, 1 Feb 2002 12:17 AEDT
New schedule to blow out Ansett purse
Ansett's expanded flight schedule is expected to cause substantial losses for the administrators.
The schedule has been introduced despite a delay to the settlement of the new deal with the Fox-Lew consortium, Tesna.
Ansett is suffering weekly losses of about $6 million.
That figure is expected to jump after today's new schedule.
Additional aircraft and extra flights to Adelaide, Brisbane, Perth, Sydney and Melbourne are operating to honour the schedule proposed by Tesna.
Services to Hobart have stopped from today following an end to federal funding for that sector.
A spokesman for administrator, Mark Mentha, says losses are expected as a result of the new schedule.
He says losses will include the cost of partial refunds for some business class passengers.
The Federal Government's guarantee for Ansett tickets has ended.
From today passengers who purchase tickets are not guaranteed a refund if the airline fails to operate flights.
Meanwhile, a spokesman for Ansett Corporate Affairs says there have been no flight cancellations and the deal to lease new aircraft to boost services is still on track for later this year.
New schedule to blow out Ansett purse
Ansett's expanded flight schedule is expected to cause substantial losses for the administrators.
The schedule has been introduced despite a delay to the settlement of the new deal with the Fox-Lew consortium, Tesna.
Ansett is suffering weekly losses of about $6 million.
That figure is expected to jump after today's new schedule.
Additional aircraft and extra flights to Adelaide, Brisbane, Perth, Sydney and Melbourne are operating to honour the schedule proposed by Tesna.
Services to Hobart have stopped from today following an end to federal funding for that sector.
A spokesman for administrator, Mark Mentha, says losses are expected as a result of the new schedule.
He says losses will include the cost of partial refunds for some business class passengers.
The Federal Government's guarantee for Ansett tickets has ended.
From today passengers who purchase tickets are not guaranteed a refund if the airline fails to operate flights.
Meanwhile, a spokesman for Ansett Corporate Affairs says there have been no flight cancellations and the deal to lease new aircraft to boost services is still on track for later this year.
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Hey Wirraway....many thanks for all the posts of current news articles etc. I don't get a lot of time to sit in front of the computer, so being able to access all the Oz aviation news on one site is a huge bonus.. .Anyway thanks again and keep up the good work.
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Wirraway, I have been meaning for some time to thank you for these media updates, Thank You!
In regards to the latest expected losses, I suppose this will blow it out to over $10 Million a week. Flew have to stop messing around and expecting the creditors to carry the can for them. Here is a hypothetical, suppose AN MK2 loses $40 million over the next month, that means they are only paying $230 Million and not $270 Million. If we take into account all the losses since the collapse back in September, would anyone like to hazard a guess as to how much (net) they are really paying since the "done deal" months ago.
p.s. I want to buy shares in Lang Corp with my Ansett redundancy money. I want my money, I want it now! (I could have made a killing over the last few days)
In regards to the latest expected losses, I suppose this will blow it out to over $10 Million a week. Flew have to stop messing around and expecting the creditors to carry the can for them. Here is a hypothetical, suppose AN MK2 loses $40 million over the next month, that means they are only paying $230 Million and not $270 Million. If we take into account all the losses since the collapse back in September, would anyone like to hazard a guess as to how much (net) they are really paying since the "done deal" months ago.
p.s. I want to buy shares in Lang Corp with my Ansett redundancy money. I want my money, I want it now! (I could have made a killing over the last few days)
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Well, flew two AN sectors today. 33% on a 6AM flight, and 77% load factor on the return at 2PM.
The great loads of a few weeks back have somewhat subsided, and the delays aren't helping customer confidence.
Cheers,
Justin
The great loads of a few weeks back have somewhat subsided, and the delays aren't helping customer confidence.
Cheers,
Justin
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Spot on Capt Zoolander.. .Why can't the public see this scam for what it is.. .Their the ones paying for it. Maybe FLEW will send each poor old Australian tax payer a thankyou note for being so gullible!!!!!!!
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Maybe they wont bother when they work out how long it will take to turn the thing into a profit maker. 6M more a week they have to make just to break even. Thats 15000 odd AD-ML return airfares. Get flyin AN, and the sooner the better is my advice!
If I was an Ansett creditor I would feel very unhappy about the administrator suddenly squandering more of the 5 cent per dollar return, especially after the meeting has approved the sale.
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My only interest from now on is to hear how the 2 Marks announce the failure, and how they are going to try and and defend the indefensible to the AN staff creditors and the Govt.
If I were they, it would be by Videophone from the Falklands or perhaps that Shell Truckstop in the middle of the Gobi Desert. <img src="frown.gif" border="0">
If I were they, it would be by Videophone from the Falklands or perhaps that Shell Truckstop in the middle of the Gobi Desert. <img src="frown.gif" border="0">
Okay here is one for the bush layers:
It is illegal for a company to knowingly trade whilst insolvent.
However once the company is in the hands of the wise and benevolent administrators it seems to be okay.
Who are the administratorslegally accountable to?
It is illegal for a company to knowingly trade whilst insolvent.
However once the company is in the hands of the wise and benevolent administrators it seems to be okay.
Who are the administratorslegally accountable to?
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I see in today's Australian that AN MK2 is putting ticket money into a special trust fund so that if "the done deal" fails, they can repay the money. The government ticket guarantee ran out on the 31st of January, so what I want to know is, are the creditors picking up the tab once again??? This is starting to get scary, its like a gambler thinking he is going to win on the next fall of the dice, while loosing money at an enormous rate.
Regading Ansett kicking out Virgin, this is a disgrace. I firmly believe that the Government should own the terminals as in most other countries. Now is their chance to buy back some national infrastructure at a bargain basement price.
Regading Ansett kicking out Virgin, this is a disgrace. I firmly believe that the Government should own the terminals as in most other countries. Now is their chance to buy back some national infrastructure at a bargain basement price.
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I'm no accountant and I don't have much knowledge of corporate law so for the life of me I cannot understand how a company that has no money, and thats been proven, can continue to trade whilst sustaining incredible losses like AN2 is. A $6 million dollar annual loss would send most companies to the wall and this crowd is doing it on a weekly basis and it has now been suggested that this figure will increase significantly. Given, aviation is a different beast but for how long can this continue?? And the question that puzzles me most is WHO is paying for this racket??? Is it the tax payer? Is it FLEW? (I very much doubt that). WHO??? Where is the money coming from? Is this company being set up to operate profitably by $$$ (wherever they come from) so that FLEW can come in and the whole setup will be complete at no cost to them???
I'm not trying to stir the pot with these questions but money doesn't grow on trees so where is it coming from. Bills have to be paid. Who is paying them????
Onya <img src="frown.gif" border="0"> <img src="confused.gif" border="0">
[ 02 February 2002: Message edited by: onya ]</p>
I'm not trying to stir the pot with these questions but money doesn't grow on trees so where is it coming from. Bills have to be paid. Who is paying them????
Onya <img src="frown.gif" border="0"> <img src="confused.gif" border="0">
[ 02 February 2002: Message edited by: onya ]</p>
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Onya. .I can understand your question as to who is. .paying, its all becoming very confusing, I am. .trying to figure out exactly what FLEW have. .paid for so far, as of today as I understand. .it.. .1) The lease on SYD terminal is not complete. .2) The lease on MEL terminal is not complete. .3) The lease on BNE terminal is not complete. .4) The lease on current 16 A/C not complete. .5) The lease on future A/C not complete. .6) Some doubt as to the 2 American investors
My question is what did FLEW use for security. .for the $240 Mil guarantee for worker entitlements now that the 4000 have signed up.
Wirraway
My question is what did FLEW use for security. .for the $240 Mil guarantee for worker entitlements now that the 4000 have signed up.
Wirraway
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The ACTU seems to have been very quiet on the substance of its deal with TESNA on guaranteeing employee entitlements.
Rest assured the folks involved with this apparent sham will not even bat an eyelid nor give a second thought to anyone else if it all falls through.
The only difficulty some may have is spending all the money they have so cleverly "earned".
Rest assured the folks involved with this apparent sham will not even bat an eyelid nor give a second thought to anyone else if it all falls through.
The only difficulty some may have is spending all the money they have so cleverly "earned".
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Wirraway
Mate thats the whole problem, they have pledged the Sydney Terminal leases as security to the Unions, but the Sydney Airport guys quite correctly are saying they cant do that until they can show them how they are going to pay for it.
It's called a mexican stand off and the Sydney Airport guys are the only ones with any ammo in the gun.
Thats why it is never going to play.
The election was supposed to have been won by Labour who would have directed the Sydney Airport guys to roll over for FLEW. The rest is history.
Mate thats the whole problem, they have pledged the Sydney Terminal leases as security to the Unions, but the Sydney Airport guys quite correctly are saying they cant do that until they can show them how they are going to pay for it.
It's called a mexican stand off and the Sydney Airport guys are the only ones with any ammo in the gun.
Thats why it is never going to play.
The election was supposed to have been won by Labour who would have directed the Sydney Airport guys to roll over for FLEW. The rest is history.
Moderate, Modest & Mild.
AHA!! The muddy waters are starting to clear at last!. .There is obviously some synergistic type of relationship between Messrs Fox and Lew (FLEW) and the ACTU - using B.K. as an intermediary - a Co-operative, if you will.
Hence, once Ansett is FINALLY taken over by TESNA, the name will be changed to CO-OP (Airlines). And at that time I believe we might all finally get to see all the major players...
...........FLEW the COOP!!............(and pick up $5 million for their "trouble").
[ 02 February 2002: Message edited by: Kaptin M ]</p>
Hence, once Ansett is FINALLY taken over by TESNA, the name will be changed to CO-OP (Airlines). And at that time I believe we might all finally get to see all the major players...
...........FLEW the COOP!!............(and pick up $5 million for their "trouble").
[ 02 February 2002: Message edited by: Kaptin M ]</p>
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The Tesna proposal was presumably given the go ahead at the creditors' meeting on the basis of an assumed 1 Feb start. If they ain't got the leases on the a/c sorted and ain't got the leases on the terminals sorted and there are rumours about the financial backers, what have they got? How many of the reported 4000 AN staff offered positions have got a written agreement to start with conditions etc? How many flight and cabin crew other than those working on a rotational basis to keep the skeleton operation going have anything in writing? The Tesna syndicate seem to hold all the cards with little or no commitment and if just one thing fails to fall into place they apparently can walk. Global Reward point holders failed to deliver a block proxy on some vague assertions that their points 'might' get some recognition after the start-up. Now it seems they are not to be accepted except towards some bonus scheme still yet to be announced. I fear the public, the administrators and worst of all the ever patient prospective employees have been played along as ever hopeful with little concrete evidence that any of their expectations will be realised.
