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Corrs and Ferrier Hodgson close Allco sale

Corrs and Ferrier Hodgson close Allco sale

Corrs and Ferrier Hodgson have completed the sale of Allco's aviation business to Bravia Capital Partners and Hong Kong Aviation Company.The sale of the business - the biggest asset within the…

Corrs and Ferrier Hodgson have completed the sale of Allco's aviation business to Bravia Capital Partners and Hong Kong Aviation Company.

The sale of the business - the biggest asset within the Allco group - was valued at about $US3 billion ($3.37 billion) and included interest in 69 aircraft financing transactions.

In a statement issued last week, corporate advisory partner David Hallam commented on the complexity of the transaction.

"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," he said.

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."

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