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Compass/Southern Cross Deal Closer but New Player Enters Field:

An agreement reported to be “binding” has been struck between Compass Airlines’ provisional liquidator and potential acquirer Southern Cross Airlines Holdings.

The deal will allow Southern Cross to acquire Compass either through a scheme of arrangement or by a straight asset sale (refer p23 Apr 92 AA). Included in the proposal is an offer to honour an estimated $22m worth of unused Compass tickets.

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