Tasman Pacific pay-out wait drags on

By DANIEL RIORDAN

Tasman Pacific Airlines' liquidators say it is still too early to say how much creditors will get back and when.

The liquidators in December predicted creditors of the airline, which flew as Qantas NZ, would be likely to get back less than 20c in the dollar.

Liquidators Jeff Meltzer and Arron Heath, of Meltzer Mason Heath, told creditors in a letter mailed last week that by March 31, the receivers and liquidators had sold most of the airline's fixed assets, realising $265,000.

One of the biggest assets, the airline's Christchurch hangar, had not yet been sold.

Claims totalling $135.4 million had been received from 1758 creditors.

The liquidators said they had completed an initial review of the company's records in the period before its collapse on April 21.

They were now seeking additional information from unnamed third parties.

About $857,000 had been collected from debtors, but another $1.85 million from 149 accounts remained outstanding.

Some of those accounts had been referred to debt collectors, and some would be the subject of legal action.

The liquidators are also considering combining the liquidation of Tasman Pacific Regional Airlines - which has liabilities of about $900,000 - with that of Tasman Pacific.

Claims by pilots made redundant in January 2000 had been referred to the Employment Court.