CORRS Chambers Westgarth and Ferrier Hodgson have finalised the sale of Allco’s aviation business, the largest and most complex asset within the Allco Group, to Hong Kong Aviation Company and Bravia Capital Partners.
Allco’s extensive aviation portfolio, which included interests in 69 aircraft financing transactions, has an estimated market value of more than US$3 billion dollars.
Hong Kong Aviation Company is a consortium that includes HNA Group, a diversified transportation, logistics and hospitality group that includes Hainan Airlines, the largest private airline in China.
The transaction was an extremely complex aircraft leasing company sale that involved a wide range of stakeholders, airlines and other financing companies.
Corporate advisory partner David Hallam, who led the Corrs team, said: “The deal involved a range of conditions, including reaching agreement with financiers to the underlying aircraft transactions. There were also a number of parties associated with the transactions whose interests did not necessarily align with the receivers’ goals, which added to the overall complexity of the sale.”
Throughout the sale process, Corrs also worked extensively with the existing Allco management team to retain and manage the existing business and achieve the final sale.
Ferrier Hodgson partner Peter Gothard commented: “The completion of the sale of the aviation business represents a significant step towards completion of the Allco receivership and we are now focusing on realisation of the remaining assets.”
The Corrs team included David Hallam, Rob Kardos, James Davidson, Julie Ryan, litigation partner Andrew Korbel, Insolvency partner Dominic Emmett and lawyers in the firm’s insolvency, mergers and acquisitions, litigation, banking, tax and employment practices.
Ferrier Hodgson partners Steven Sherman and Peter Gothard were appointed as receivers and managers of the Allco Group in November 2008.
Corrs was appointed legal advisers on all aspects of the Allco receivership in November 2008.