INTERESTED PARTIES TO COMMENCE DUE DILIGENCE ON FLIGHT WEST AIRLINES

Less than one week after being formally offered for sale as a going concern, Queensland-based Flight West Airlines is attracting interest from potential investors.

Several parties have now registered their interest in conducting due diligence with Brisbane based liquidators PricewaterhouseCoopers and sales agent Aeromil Australia Pty Ltd.

Due to confidentiality requirements, PricewaterhouseCoopers are not able to reveal at this time the identities or the intentions of the parties who have expressed interest in Flight West Airlines, however the firm has urged any organisations or individuals considering entering the airline industry not to overlook the purchase of Flight West as a stand-alone option, or as part of a broader strategy.

Formal expressions of interest can be submitted for the assets of Flight West Airlines until next Monday, 8 October.

The Queensland Government has demonstrated its support for the sale and restructuring of Flight West by providing funding to preserve the company’s Air Operators Certificate for a minimum of 30 days, allowing the opportunity for Flight West to continue flying, and to be sold intact.

As a consequence of this Flight West has already performed a range of special charters, including the carriage of the Brisbane Lions football team to Melbourne late last week for the AFL Grand Final – and its return yesterday with the AFL Premiership trophy.

Based at Brisbane airport, the company’s fleet comprises of two 91-seat Fokker 100 twinjets, two 70-seat Fokker F28-4000 jets, three 30-seat Embraer Brasilia turboprops and three 19-seat BAE Systems Jetstream 32EP aircraft. Facilities in Brisbane include a maintenance and administration hangar complex with spare parts facilities.

Aviation specialist Aeromil (Australia) Pty Ltd has been appointed by PricewaterhouseCoopers as the exclusive agent to market the Flight West aircraft, spare parts, hangar and ground services equipment on behalf of two companies in liquidation – Flight West Airlines Pty Ltd and Airline Facilities Pty Ltd.

Expressions of interest are sought by Monday, 8 October, 2001, through Aeromil Managing Director Mr Steve Padgett on tel 07 5448 8700 or fax 07 5448 7070.