RichardMEL
Jan 25, 02, 1:21 am
Ansett union deal 'seals sale'
From AAP
25jan02
AN agreement signed by Tesna and the ACTU has virtually sealed the Fox-Lew syndicate's plan to buy Ansett airlines.
ACTU advocate Richard Watts said trucking magnate Lindsay Fox and retail king Solomon Lew were expected to join ACTU secretary Greg Combet in signing the deal this afternoon.
After weeks of negotiations, including marathon talks into late last night, an agreement between the two sides has been reached.
The deal will secure $240 million in entitlements for the 4000 Ansett employees hired on by Tesna to run the Ansett MArk II.
In return the airline's 12 unions will support the Tesna sale deal at the creditors meeting on Tuesday.
With thousands of proxy votes pouring in to the unions this week, and the Federal Court giving the ACTU the right to represent employees, Tesna has gained approval from Ansett's most powerful creditor.
Even if the three million or so Global Rewards members voted against the sale, the value of employees' debt and the support of administrators should result in Tesna taking over as operator of the revamped Ansett.
A corporations law expert from Melbourne University said regulations insisted administrators must have a majority of number of creditors plus a majority in value of creditors' debts before a resolution could be passed.
"If you have a situation where the majority of numbers voting is at odds with the majority of value voting then the administrators have the deciding or casting vote," Professor Ian Ramsay, the director of Melbourne University's Centre for Corporate Law told AAP today.
With administrators Mark Mentha and Mark Korda from Andersen the driving force behind the Tesna deal, there is little doubt the sale would go ahead.
------------------
RichardMEL, UA 1K
A Star Alliance Member.
From AAP
25jan02
AN agreement signed by Tesna and the ACTU has virtually sealed the Fox-Lew syndicate's plan to buy Ansett airlines.
ACTU advocate Richard Watts said trucking magnate Lindsay Fox and retail king Solomon Lew were expected to join ACTU secretary Greg Combet in signing the deal this afternoon.
After weeks of negotiations, including marathon talks into late last night, an agreement between the two sides has been reached.
The deal will secure $240 million in entitlements for the 4000 Ansett employees hired on by Tesna to run the Ansett MArk II.
In return the airline's 12 unions will support the Tesna sale deal at the creditors meeting on Tuesday.
With thousands of proxy votes pouring in to the unions this week, and the Federal Court giving the ACTU the right to represent employees, Tesna has gained approval from Ansett's most powerful creditor.
Even if the three million or so Global Rewards members voted against the sale, the value of employees' debt and the support of administrators should result in Tesna taking over as operator of the revamped Ansett.
A corporations law expert from Melbourne University said regulations insisted administrators must have a majority of number of creditors plus a majority in value of creditors' debts before a resolution could be passed.
"If you have a situation where the majority of numbers voting is at odds with the majority of value voting then the administrators have the deciding or casting vote," Professor Ian Ramsay, the director of Melbourne University's Centre for Corporate Law told AAP today.
With administrators Mark Mentha and Mark Korda from Andersen the driving force behind the Tesna deal, there is little doubt the sale would go ahead.
------------------
RichardMEL, UA 1K
A Star Alliance Member.