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Tuesday, 29 January, 2002, 11:22 GMT
Creditors approve Ansett revival plan
Ansett planes
Ansett was once Australia's second-largest carrier
Bankrupt Ansett - once Australia's second largest airline - has been sold and is to be revived under the new name, Ansett Mark II.

Creditors of the bankrupt airline have approved its sale to a consortium called Tesna - Ansett read backwards.

Tesna won the support of a overwhelming majority of creditors, including company employees and holders of frequent flyers points.

Loss-making Ansett was grounded shortly after the 11 September after being abandoned by its parent Air New Zeeland.

More than 16,000 employees lost their jobs, although 4,000 will be re-employed by the revamped Ansett Mark II.

Shortfall

More than 1500 creditors gathered in Melbourne for the meeting and the sale was approved by a show of hands.

The Tesna consortium, a brainchild of millionaire businessmen Solomon Lew and Lindsay Fox, is expected to launch operations of the revamped airline on Friday.

But administrators warned that some outstanding legal and accounting issues have still to be resolved, and the actual date of handover could take up to 30 days.

Tesna's $3bn Australian dollar (1.10bn; $1.55bn) offer still leaves Ansett's three million creditors facing an Au$1.8bn shortfall.

Tesna's bid was considered as the only serious offer on the table long before the sale was approved.

Mr Fox and Mr Lew forecast Ansett will lose about Aus$120m the first year and break even in the second year.

See also:

28 Jan 02 | Business
Ansett sale tests creditors' resolve
08 Nov 01 | Business
Ansett finds a buyer
27 Sep 01 | Business
Ansett returns from bankruptcy
17 Sep 01 | Business
Ansett administrator quits
16 Sep 01 | Business
Ansett workers offered some hope
14 Sep 01 | Business
Protests as Australia airline fails
12 Sep 01 | Business
Aussie airline rescue fails
11 Sep 01 | Business
Qantas poised for airline deal
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