Jan 08, 2010
HONG KONG - Hong Kong Aviation Company ("HKAC"), a leading investor in the global aviation sector, today announced that it has successfully completed the previously announced acquisition of the Allco Aviation business and assets from the Receiver of the Sydney, Australia based Allco Finance Group. The Allco Finance Group went into Receivership in November 2008.
Financial terms of the transaction have not been disclosed. HKAC now owns interests in and will manage all relevant aircraft within the former Allco aviation portfolio.
"We are pleased to have delivered on our promise of completing the Allco acquisition," said Stewart Smith, HKAC's Vice Chairman. "We would like to thank the Receiver, lenders and other stakeholders for their support through what has proved to be a challenging process. We now look forward to consolidating the existing lease management business and building out the Allco platform in order to achieve our goal of establishing ourselves as a leader in the global aircraft leasing marketplace."
"We think this is a tremendous outcome for all involved," said Peter Gothard of Ferrier Hodgson, the Receiver of Allco Finance Group. "The result is a reflection of HNA Group and HKAC's commitment to this deal and will provide the platform for HKAC to build a position as a major player in the global aviation business."