News: Ansett sale due in court tomorrow

Old Feb 24, 02, 6:17 am
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News: Ansett sale due in court tomorrow

Ansett sale due in court tomorrow
MELBOURNE, Feb 24 AAP|Published: Sunday February 24, 9:08 PM

The twice-deferred Ansett-Tesna sale deal is due to come before the Federal Court tomorrow for approval.

Tuesday is the absolute deadline for court ratification of contracts and agreements if Thursday's sale deadline is to be met.

"We are going to court in anticipation of the sale being approved," a spokesman for Ansett's administrators said last night.

"It's been adjourned before but we will be turning up at 2.15pm (AEDT) ready for the formal application and approval," he said.

Ansett's legal team worked non-stop over the weekend to finalise lease transferrals and documents after having deferred the court announcement on Friday.

There was room for one more adjournment, but Tuesday was the absolute limit if everything was to be in place for a February 28 sale, Ansett solicitor Leon Zwier said.

Delays have annoyed unions involved in the deal, who first expressed dismay last Tuesday when the first adjournment was sought.

"(Ansett barrister Simon) Whelan has expressed himself very cryptically. We don't understand why the matter couldn't proceed today (and) we don't understand why it can't proceed on Friday," ACTU advocate Jonathon Beach told Federal Court judge Justice Susan Kenny.

The court was told Ansett's administrators had placed the original sale agreement in a "sealed envelope" as they negotiated a "more definitive agreement" with lawyers representing the Tesna syndicate headed by Solomon Lew and Lindsay Fox.

Despite the delays, all parties have said they believe the Thursday sale deadline will be met and Tesna-owned Ansett planes will lift off next Friday.
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