ASIC blocking bid to keep Ansett flying

Old Feb 6, 02, 7:30 pm
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ASIC blocking bid to keep Ansett flying

Posted: Thu, 7 Feb 2002 12:58 AEDT

ASIC blocking bid to keep Ansett flying
The Australian Securities and Investment Commission (ASIC) is continuing to block a bid by Ansett administrators to get Federal Court approval to keep the airline operating.

Ansett administrators want endorsement from the court to continue operating the airline until the end of the month.

A Federal Court sanction would offer the administrators protection from being sued by creditors if the sale of the airline does not go ahead.

Administrators say negotiations are continuing but admits the airline is facing losses greater than $6 million a week.

ASIC lawyer Michael Sifris told Justice Allen Goldberg it is not up to the Federal Court to decide whether the airline should continue operating and that the decision rests soley with the administrators.

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