Qantas placed in Receivership!
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Qantas placed in Receivership!
Qantas New Zealand, that is...
<font face="Verdana, Arial, Helvetica" size="2">Qantas NZ in receivership, 1100 jobs in jeopardy
21 April 2001
The lives of 1100 workers are in turmoil after Qantas New Zealand was placed in receivership early this
morning.
Flights on Qantas New Zealand stopped at 10.40pm last night and receiver Michael Stiassny told NZPA this morning
that franchisor Qantas Airways, in Australia, withdrew its name after receivers were appointed at 3.25am.
Shareholders in Tasman Pacific Airlines, the owner of Qantas New Zealand, said in a statement that they were
deeply disappointed the airline had been placed in receivership.
They blamed Wellington Airport for insisting on an immediate payment of two months' in landing fees for forcing the
receivership.
It is believed this amounts to about $600,000.
A Tasman Pacific spokesperson said the airline had battled difficult trading conditions in the past year as a result of
fuel price increases and the drop in the value of the New Zealand dollar.
"However, Qantas New Zealand has been steadily regaining market share and we were positive about the ongoing
viability of this airline," the spokesperson said.
"Over the past few weeks we have been investigating a range of options to keep the airline airborne, including
shareholders offering to inject more capital and negotiating agreements with suppliers."
But the spokesperson said notification yesterday by Wellington Airport that it was not prepared to allow consortium
planes to land from next Monday left it with no alternative but to advise its bankers.
"By insisting on immediate payment yesterday, Wellington Airport's action has made the receivership inevitable and
undermined the likelihood of payment for all suppliers.
"Under the consortium's proposed forward plan, all Qantas suppliers would have received payment in full had
Wellington Airport agreed."
Wellington Airport general manager of operations Graeme Ware refused to comment on Tasman Pacific's claims, but
said the company was "very sorry that what has happened has happened".
He said his staff would be working closely with Qantas New Zealand to ensure minimal disruptions to passengers.
Mr Stiassny said Qantas Airways would honour all tickets and they were working with Air New Zealand and Origin
Pacific to accommodate passengers on domestic routes.
"Tasman Pacific will not be flying again," he said.
"We are trying to establish what assets we have got and are looking at ways to realise them."
He said there was "not a lot of good news" for Qantas New Zealand staff.
"In insolvency we always try to sell it as a going concern ... here, we're looking at an asset sale. We won't be
needing the staff for the long term."
Qantas New Zealand has 1100 staff, including 140 pilots and 180 cabin crew.
Mr Stiassny said the preferential maximum due to workers was about $6000.
Receivers tried to contact the first shift staff before they started work this morning.
"I don't think it was a surprise to them at all," Mr Stiassny said.
"The company has been in some difficulty for some time and there have been a lot of rumours about."
Tasman Pacific bought the airline a year ago from Ansett.
Air New Zealand said this morning it would provide additional capacity, particularly on main trunk routes, to cope
with Qantas passengers.
It said tickets for travel on Qantas New Zealand would be accepted at face value.
Spokesman Cameron Hill said Air New Zealand would now look at how it could sustain an adequate level of air
transport services in New Zealand in the absence of the Tasman Pacific operation.
Qantas NZ pilots were among staff who were turned away when they arrived for work, the Air Line Pilots' Association
told NZPA.
Association president Keith Malloy said none of the approximately 140 affected pilots had yet been told officially the
airline had been placed in receivership.
Mr Malloy was scathing of the way Qantas NZ had handled it.
"The law should be changed to make sure that incompetent management are held accountable for these sorts of
things. They shouldn't be allowed to stuff around with good workers' jobs."
Some of the pilots were to meet today at Christchurch Airport to discuss the situation.</font>
21 April 2001
The lives of 1100 workers are in turmoil after Qantas New Zealand was placed in receivership early this
morning.
Flights on Qantas New Zealand stopped at 10.40pm last night and receiver Michael Stiassny told NZPA this morning
that franchisor Qantas Airways, in Australia, withdrew its name after receivers were appointed at 3.25am.
Shareholders in Tasman Pacific Airlines, the owner of Qantas New Zealand, said in a statement that they were
deeply disappointed the airline had been placed in receivership.
They blamed Wellington Airport for insisting on an immediate payment of two months' in landing fees for forcing the
receivership.
It is believed this amounts to about $600,000.
A Tasman Pacific spokesperson said the airline had battled difficult trading conditions in the past year as a result of
fuel price increases and the drop in the value of the New Zealand dollar.
"However, Qantas New Zealand has been steadily regaining market share and we were positive about the ongoing
viability of this airline," the spokesperson said.
"Over the past few weeks we have been investigating a range of options to keep the airline airborne, including
shareholders offering to inject more capital and negotiating agreements with suppliers."
But the spokesperson said notification yesterday by Wellington Airport that it was not prepared to allow consortium
planes to land from next Monday left it with no alternative but to advise its bankers.
"By insisting on immediate payment yesterday, Wellington Airport's action has made the receivership inevitable and
undermined the likelihood of payment for all suppliers.
"Under the consortium's proposed forward plan, all Qantas suppliers would have received payment in full had
Wellington Airport agreed."
Wellington Airport general manager of operations Graeme Ware refused to comment on Tasman Pacific's claims, but
said the company was "very sorry that what has happened has happened".
He said his staff would be working closely with Qantas New Zealand to ensure minimal disruptions to passengers.
Mr Stiassny said Qantas Airways would honour all tickets and they were working with Air New Zealand and Origin
Pacific to accommodate passengers on domestic routes.
"Tasman Pacific will not be flying again," he said.
"We are trying to establish what assets we have got and are looking at ways to realise them."
He said there was "not a lot of good news" for Qantas New Zealand staff.
"In insolvency we always try to sell it as a going concern ... here, we're looking at an asset sale. We won't be
needing the staff for the long term."
Qantas New Zealand has 1100 staff, including 140 pilots and 180 cabin crew.
Mr Stiassny said the preferential maximum due to workers was about $6000.
Receivers tried to contact the first shift staff before they started work this morning.
"I don't think it was a surprise to them at all," Mr Stiassny said.
"The company has been in some difficulty for some time and there have been a lot of rumours about."
Tasman Pacific bought the airline a year ago from Ansett.
Air New Zealand said this morning it would provide additional capacity, particularly on main trunk routes, to cope
with Qantas passengers.
It said tickets for travel on Qantas New Zealand would be accepted at face value.
Spokesman Cameron Hill said Air New Zealand would now look at how it could sustain an adequate level of air
transport services in New Zealand in the absence of the Tasman Pacific operation.
Qantas NZ pilots were among staff who were turned away when they arrived for work, the Air Line Pilots' Association
told NZPA.
Association president Keith Malloy said none of the approximately 140 affected pilots had yet been told officially the
airline had been placed in receivership.
Mr Malloy was scathing of the way Qantas NZ had handled it.
"The law should be changed to make sure that incompetent management are held accountable for these sorts of
things. They shouldn't be allowed to stuff around with good workers' jobs."
Some of the pilots were to meet today at Christchurch Airport to discuss the situation.</font>
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Guvnor, I know you are a keen "cut and paster", but as I mentioned before, please please please can you tidy up the text before posting? It's damned hard to read all chopped up like that, especially with my ageing eyes. I've got to the point where when I see "Guvnor" as the poster, I know it's going to be a badly pasted up news article. Take a couple of minutes to arrange the text and make it easy for us all to read, or at least just a link to the url. Thanks.
Rod
Rod
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Okay then..........
Qantas announced here (Australia) today that they have sent a B767 over to New Zealand, it will begin operating domestically tomorrow between Auckland, Wellington and Christchurch, to help move all the passengers stranded by the collapse of Qantas NZ.
They also say they are considering operating a full domestic service in New Zealand on a permanent basis, in competition with Air New Zealand, will decide by Friday.
IF they do, then hopefully they will provide employment for at least some of the ex employees of Qantas NZ.......
------------------
"I USED to be a PPRuNaholic, but now I'm CURED"
Qantas announced here (Australia) today that they have sent a B767 over to New Zealand, it will begin operating domestically tomorrow between Auckland, Wellington and Christchurch, to help move all the passengers stranded by the collapse of Qantas NZ.
They also say they are considering operating a full domestic service in New Zealand on a permanent basis, in competition with Air New Zealand, will decide by Friday.
IF they do, then hopefully they will provide employment for at least some of the ex employees of Qantas NZ.......
------------------
"I USED to be a PPRuNaholic, but now I'm CURED"
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EVENING POST
BUSINESS
TUESDAY, 24 APRIL 2001
Qantas receivers going after consortium
24 APRIL 2001
The receivers of Qantas New Zealand say they'll do everything in their power to recover money owed by the high-profile businessmen who owned the failed airline.
The Evening Post understands that though the consortium of mostly New Zealand businessmen, with a couple of Australians, put in $42 million in capital when they bought the airline last year they had only partly paid for their shares in it. It is understood there is another $12 million still to be paid.
Receiver Grant Graham of Auckland firm Ferrier Hodgson told The Evening Post today he had not yet looked at the capital side of the business.
But he would take "whatever remedies" were available to recover all money owing.
Mr Graham said that within 48 hours he'd have a clear idea of the financial position of the airline, which went into receivership at the weekend.
Many of those in the consortium are wealthy New Zealand businessmen who appear on the NBR's annual rich list. They include Auckland businessmen Alan Gibbs, Ian Hendry, Chris Coon and Trevor Farmer, and Dunedin's Sir Clifford Skeggs.
The airline's main creditors include Mobil Oil New Zealand, which is reported to be owed about $8 million, Air New Zealand, which leased aircraft to Qantas New Zealand, and Pacific Flight Catering, which provided in-flight meals.
Mr Graham said it was still premature to comment on how much these firms were owed.
Wellington International Airport, which is two-thirds owned by listed firm Infratil and a third by Wellington City Council, is owed in excess of $750,000 in landing fees and for other services.
WIA is just one of the airport companies stung by the Qantas NZ collapse.
Meanwhile, sharemarket analysts say that even if Australian giant Qantas Airways does come into New Zealand and fly the main routes there'd still be room for another budget operator such as Richard Branson's Virgin Blue or Impulse, who've forced Qantas and Ansett Australia to cut fares across the Tasman.
There is mounting speculation that Virgin Blue is gearing up to launch a domestic service in New Zealand. However, it's understood Virgin Blue has yet to seek regulatory clearances, which could take weeks to organise.
Nelson-based regional airline Origin Pacific is also planning to start up more regional flights and may enter into an arrangement with Qantas Airways to shift passengers, particularly from international flights.
Arthur Lim, retail investment director of sharebroker JP Morgan, said Qantas Airways would have a big job building credibility with the public and the business sector here.
BUSINESS
TUESDAY, 24 APRIL 2001
Qantas receivers going after consortium
24 APRIL 2001
The receivers of Qantas New Zealand say they'll do everything in their power to recover money owed by the high-profile businessmen who owned the failed airline.
The Evening Post understands that though the consortium of mostly New Zealand businessmen, with a couple of Australians, put in $42 million in capital when they bought the airline last year they had only partly paid for their shares in it. It is understood there is another $12 million still to be paid.
Receiver Grant Graham of Auckland firm Ferrier Hodgson told The Evening Post today he had not yet looked at the capital side of the business.
But he would take "whatever remedies" were available to recover all money owing.
Mr Graham said that within 48 hours he'd have a clear idea of the financial position of the airline, which went into receivership at the weekend.
Many of those in the consortium are wealthy New Zealand businessmen who appear on the NBR's annual rich list. They include Auckland businessmen Alan Gibbs, Ian Hendry, Chris Coon and Trevor Farmer, and Dunedin's Sir Clifford Skeggs.
The airline's main creditors include Mobil Oil New Zealand, which is reported to be owed about $8 million, Air New Zealand, which leased aircraft to Qantas New Zealand, and Pacific Flight Catering, which provided in-flight meals.
Mr Graham said it was still premature to comment on how much these firms were owed.
Wellington International Airport, which is two-thirds owned by listed firm Infratil and a third by Wellington City Council, is owed in excess of $750,000 in landing fees and for other services.
WIA is just one of the airport companies stung by the Qantas NZ collapse.
Meanwhile, sharemarket analysts say that even if Australian giant Qantas Airways does come into New Zealand and fly the main routes there'd still be room for another budget operator such as Richard Branson's Virgin Blue or Impulse, who've forced Qantas and Ansett Australia to cut fares across the Tasman.
There is mounting speculation that Virgin Blue is gearing up to launch a domestic service in New Zealand. However, it's understood Virgin Blue has yet to seek regulatory clearances, which could take weeks to organise.
Nelson-based regional airline Origin Pacific is also planning to start up more regional flights and may enter into an arrangement with Qantas Airways to shift passengers, particularly from international flights.
Arthur Lim, retail investment director of sharebroker JP Morgan, said Qantas Airways would have a big job building credibility with the public and the business sector here.
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I wonder how many times idiots (and I make no apology for the emotive tag) like "wobblypilot" need to be reminded that the "flood of pilots from Dunnunda to the UK" is made up totally of British passport holders or Australians or New Zealanders - (AND Zimbabweans AND West Indians AND people from all over the rest of the world whose parents or grandparents were born in the UK) - ie, they have right of abode under laws put in place by the UK government.
Other Australians and New Zealanders without this right of abode can't work in the UK outside the under 26 temporary visa provisions - unless their skills are needed in the country and no Briton can fill the vacancy.
It might also be instructive for gentlemen like "wobblypilot" to look at the current thread on the Dunnunda page, "...Where are they now?" ( http://www.pprune.org/ubb/NonCGI/For...ML/005230.html ). The list is incomplete, but it gives details of where some 400,or about half, of the first "flood" of Australian pilots went post 1989. You'll see that very few went anywhere near England - certainly not nearly as many as the number of British pilots went to Australia to take the jobs on offer there.
Anyone who wonders why so many Australians want the the country declared a republic need only look to idiotic posts like that of "wobblypilot's" for one of many answers.
Oh, and like "whalecapt's" father and tens of thousands of others, my father wasn't asked to show a visa when he arrived in England in 1941 either.
And wasn't Keith Park, the commander of the most important RAF Fighter Group involved in the Battle of Britain battle, a Kiwi?
Other Australians and New Zealanders without this right of abode can't work in the UK outside the under 26 temporary visa provisions - unless their skills are needed in the country and no Briton can fill the vacancy.
It might also be instructive for gentlemen like "wobblypilot" to look at the current thread on the Dunnunda page, "...Where are they now?" ( http://www.pprune.org/ubb/NonCGI/For...ML/005230.html ). The list is incomplete, but it gives details of where some 400,or about half, of the first "flood" of Australian pilots went post 1989. You'll see that very few went anywhere near England - certainly not nearly as many as the number of British pilots went to Australia to take the jobs on offer there.
Anyone who wonders why so many Australians want the the country declared a republic need only look to idiotic posts like that of "wobblypilot's" for one of many answers.
Oh, and like "whalecapt's" father and tens of thousands of others, my father wasn't asked to show a visa when he arrived in England in 1941 either.
And wasn't Keith Park, the commander of the most important RAF Fighter Group involved in the Battle of Britain battle, a Kiwi?
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Air-Pain,
Totally inappropriate. The Ozzies and Kiwis were our allies in 14-18 and 39-45. The reference to ANZAC was to an occasion when we (us Brits) let them down badly and many, many "Dununders" paid with their lives.
Whatever you think about "foreigners" taking "British jobs", disrespect to the brave lads who fought alongside my father (and yours?) is not called for.
"God rest those brave lads"
ESG,
A Brit working overseas
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What goes around . . .
. . often lands better!
Totally inappropriate. The Ozzies and Kiwis were our allies in 14-18 and 39-45. The reference to ANZAC was to an occasion when we (us Brits) let them down badly and many, many "Dununders" paid with their lives.
Whatever you think about "foreigners" taking "British jobs", disrespect to the brave lads who fought alongside my father (and yours?) is not called for.
"God rest those brave lads"
ESG,
A Brit working overseas
------------------
What goes around . . .
. . often lands better!