Small change for creditors of Qantas NZ

The latest report by Tasman Pacific's (aka Qantas NZ) liquidators has confirmed their earlier predictions that the airline's unsecured creditors are likely to get less than 20 cents in the dollar.

And the latest receivers' report confirms insolvency specialist Ferrier Hodgson was paid $1.23 million for its work over the past six months.

The receivers say they do not expect their work to be completed until two major sales contracts of aircraft parts, with associated rebate issues, are settled next year.

They have collected $25.9 million and paid out $20 million since the airline collapsed in April owing unsecured creditors about $130 million. They also revealed that Qantas Airways paid $2 million for what appears to be undertakings it made while doing due diligence on the troubled airline in March.

Qantas guaranteed the money to ensure trading costs would be met during its negotiations to buy the airline.

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