Airline debts to be known tomorrow

By DANIEL RIORDAN aviation writer

The full damage caused by the crash of Tasman Pacific (alias Qantas NZ) will be known soon.

Receivers Michael Stiassny and Grant Graham, of Ferrier Hodgson, are aiming to file their first report tomorrow.

It is expected to reveal the full extent of the airline's debts when it went under on April 21 - variously estimated at between $50 million and $100 million.

Tasman Pacific directors will meet creditors on August 14 after liquidators Jeff Meltzer and Arron Heath, of Meltzer Mason Heath, obtained a High Court extension for the time in which to call and hold a meeting.

An extension to July 31 for the liquidators to prepare and send their first report to creditors was also granted.

Mr Meltzer said details of the time and place of the meeting would be sent to creditors with the report. The date had been chosen so all of the company's directors could attend.

The liquidators' report will update the receivers' figures to June 8, when Mr Meltzer and Mr Heath were appointed by the company's sole shareholder, Zazu.

Tasman Pacific's five directors are all directors of Zazu.

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