The administrators of One.Tel have announced that AU$40 million would flow through to creditors from the sale of the failed Australian telco's UK operations to Centrica.
UK gas supplier Centrica will pay 58 million pounds for One.Tel's UK operations.
However, a spokeswoman for One.Tel's administrator Ferrier Hodgson said the sale price was a gross figure and would leave only AU$40 million for the group's creditors.
"There is obviously third party debt and leases that have to be retired before any money flows back," the spokeswoman said.
One.Tel, which went into voluntary administration in May, is selling its interests overseas to help pay debts of more than AU$600 million.
With the sale of its UK operations One.Tel has few remaining assets although the administrators are still to seek bidders for spectrum, while the group's fixtures and fittings will be sold at auction.
Lucent Technologies stands to lose the most after spending AU$650 million on building One.Tel's Australian mobile phone network.
Ferrier Hodgson expects to hold the second meeting of One.Tel creditors by the end of July although a date has not been set.
