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Auckland Chamber of Commerce On Qantas

It is not just the passengers and staff who have lost out from the collapse of Tasman Pacific (Qantas), but also the many suppliers who have continued to provide a service in “good faith”.

Michael Barnett, Chief Executive of the Auckland Chamber of Commerce, said that he hoped Tasman Pacific’s shareholders personally looked at their options to pay some of the debts faced by long term suppliers.

“Shareholders and their management would have known for some time that the receivership was coming and that there were many suppliers of goods and services who were keeping the business alive - in good faith and without the information that management and shareholders had.

“Those suppliers are now facing the prospect of personal hardship because they believed in the good name and integrity of the shareholders,” said Mr Barnett.

“It doesn’t sit well with me that Tasman’s shareholders can go into receivership and virtually protect their own situations, while vulnerable suppliers are left to hang out to dry. “

I note Australian reports that two shareholders at least offered to buy back debt from Wellington Airport, but other shareholders rejected the offer.

There is an ethical issue here, and it should be looked at as part of ensuring that those suppliers who have personally suffered can get some justice out of what the Tasman Pacific shareholders have inflicted.

For more information contact: Michael Barnett, Ph: (09) 309-6100 or 021 631 150

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