Liquidators of Tasman Pacific pay another 10c div

1.00pm

Unsecured creditors of failed airline Tasman Pacific Airways, which traded as Qantas New Zealand, have been told they will get 10c in the dollar back as an interim dividend.

Liquidators Jeff Meltzer and Arron Heath of Meltzer Mason Heath, announced today the payment, "hopefully a pleasant surprise", would be made to creditors during next week.

"The liquidators are pleased that settlements and realisations to date have enabled the interim dividend to be paid to creditors," said Mr Meltzer said in a statement.

Outstanding matters before the liquidation is completed include finalisation of the company's receivership and the outcome of a pooling application by the liquidator of Tasman Pacific Regional Airlines Limited, a subsidiary of the company.

The liquidators said they expected the liquidation to be completed during 2005.

Mr Meltzer said in July creditors were likely to get 15 per cent of their money back and today he said that figure was still the most likely outcome, give or take a fraction.

The company failed in 2001, leaving 1500 creditors, including about 1000 staff, owed more than $130 million.

In July, Mr Meltzer said those debts had been reduced to $107m and $16m had been recovered.

He said then that: "People might think 15c isn't much ... but it's certainly better than nothing. We think it is a very good top end result."

In the first report, the liquidator had estimated a return of just 3c.

- NZPA