Newspaper article News Mail Bundaberg Qld.

Air CEO No-Show as $90M Liability Revealed

Newspaper article News Mail Bundaberg Qld.

Air CEO No-Show as $90M Liability Revealed

Article excerpt

Byline: Vanessa Marsh and AAP

A CREDITORS' meeting has revealed former Bundaberg man and Air Australia owner Michael James owes creditors more than $90 million after the collapse of his airline earlier this month.

But unlike the Philip family of SP Exports, who fronted up to their creditors at a meeting on Wednesday, Mr James was nowhere to be seen.

Administrators for the airline this week met about 100 creditors who were told a Federal Government scheme would cover only part of the 300-plus employees' unpaid wages.

But the situation is much worse for others owed money, with KordaMentha administrator Mark Korda saying the return to other creditors was likely to be nil.

C[pounds sterling]Our prognosis is the airline is not saleable, but we have had four expressions of interest for the sale of the engineer business,C[yen] Mr Korda said.

C[pounds sterling]Because the company leases its buildings, leases its planes, leases its equipment, you don't have a lot of assets. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.