Ansett’s six remaining Boeing 767-200 aircraft are heading overseas after administrators KordaMentha closed a deal to sell the planes and several engines for more than $45 million.
The aircraft, which have been sitting in Melbourne since the airline collapsed in 2001, will be delivered to Miami-based sales and leasing firm Aeroturbine over the next 12 months.
The milestone deal comes on eve of the third anniversary of the administrators’ appointment and means more than 90 per cent of Ansett’s 133 aircraft have been sold.
It means former employees, who have so far received $547million in entitlements, are on track for a further $85 million in distributions over time.
Administrator Mark Korda said asset realisations this year had topped $100million, including the 767s and a $29million property subdivision settled in July.
It is expected to realise about another $100 million.
“We’re continuing to operate ahead of budget,” Mr Korda said. “We thought we would take all of 2004 to repay the government its $67 million deferred dividend. We think we’ll be ahead of schedule.
“We’ll complete that in October and then the dividend payments will resume in 2005.”
Mr Korda said the administrators were continuing to collect Ansett debts and were drawing up a contract with a preferred bidder for the airline’s simulator business.
The administrators also retained a supply centre and maintenance base, as well as 12 BAe-146s and two Airbus A320s currently leased out. “Then really the balance of the assets is really consumables, rotables and engines,” he said.
KordaMentha director Colin Egan said the sales came after three years of tough conditions in the used aircraft market and the administrators were happy with the deal.
He said interest in the aircraft had increased this year and there had been a number of parties who had conducted various levels of inspections on the 767s. “There’s probably just a bit more buoyancy in the market,” he said.
Mr Egan said one of the A320s was leased to an operator in France and the other to a carrier in Tunisia.
The BAe-146s included one 200 series, 10 300s and a 200QT cargo aircraft that was attracting local and overseas interest.
“Yet again the level of inquiry has increased and there have been a number of people inspecting the aircraft of late,” he said. “I suppose the key thing for us is we’ve been able to sell aircraft in ones and twos to date but our preference would be try and get rid of a lot more in a single transaction.
“So, we’re exploring that with a number of parties at the moment. But, all up, the 146 market is somewhat slower than we’d like.”
Most of the 767s came in new to Ansett in the 1980s and were used by the airline as workhorses on its trunk routes until its demise. Mr Egan said former Ansett aircraft were now distributed as far afield as Russia, Albania and Tunisia.
Story courtesy THE AUSTRALIAN
By: Bmused55 - 20th September 2004 at 08:37
Interesting.
I had forgotten about the way Ansett “abused” their 767’s
By: duvec - 20th September 2004 at 08:32
A Bargain?
Yes, they are a bargain however as very early build aircraft they are not spring chickens! They were probably the most high cycle airframes in the 767 worldwide fleet at the time of Ansett’s collapse. All had been used predominently on the east coast flying 1 hour sectors between MEL, SYD, BNE, OOL and HTI (Hamilton Island) with the only break being the 3-4 hour sectors between SYD/MEL and PER. Each had been used at a rate of over 4400 hours per year for most of their lives and as explained above, each hour was darned near one cycle! With Ansett’s expansion into international flying some of the aircraft started to experience longer haul international flying to DPS (Bali), HKG & KUL however all that did was to increase the annual flying hours!
They are also possibly less valuable for another reason. As very early build 767-200s they were all built with small freight doors, the standard at the time. Later build 767-200 and all -300s have large freight doors making them much more appealing as freighter conversions.
I’m delighted to hear they have been sold as creditors and former Ansett staff should get some of what they are owed. Also sad, as those aircraft represented such a significant part of Australia’s aviation history from the mid 1970s until three years ago.
Chris
By: Bmused55 - 20th September 2004 at 08:05
Yes, they’re the very fellows in question, they’ve been sitting out in the open a Tullamarine since Ansett’s collapse
Technically, they should have lower cycles than other 762’s of a similar age then, as they have missed out of 3 years of flying.
So that should make them extra sweet.
By: Bmused55 - 20th September 2004 at 08:03
Remember 45 million in AUSTRALIAN dollars, that’s only 17.5 million in real money. 2.9 million quid for a 767? BARGAIN!
Hence my original bargain statement
By: steve rowell - 20th September 2004 at 07:54
Are these perhaps amongs those sold I wonder.
Yes, they’re the very fellows in question, they’ve been sitting out in the open a Tullamarine since Ansett’s collapse
By: BigVince76 - 20th September 2004 at 01:45
Remember 45 million in AUSTRALIAN dollars, that’s only 17.5 million in real money. 2.9 million quid for a 767? BARGAIN!
By: Bmused55 - 19th September 2004 at 19:17
Are these perhaps amongs those sold I wonder.
By: Bmused55 - 17th September 2004 at 10:34
Someone snapped up a bargain then
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September 17, 2004 at 10:28 am