(Updated) US Bankruptcy Court in Wilmington has blessed the $141 million sale, to a group of investors calling itself Commercial Financial Services 2907 Inc., of the assets of PCAA Parent LLC, owner of bankrupt Parking Corp. of America's 30 AviStar, SkyPark and FastTrack parking garages and 40,000 parking slots around U.S. airports, chief executive Charles Huntzinger told me.
In January, burdened by debt from its expansion and weaker-than-expected revenues from the recession, PCAA filed for Chapter 11 bankruptcy protection and hired SSG Capital Advisors LLC of West Conshohocken to review its choices. Corinthian-Bainbridge ZKS Holdings LLC entered an initial bid of $111.5 million, and SSG's Scott Victor, Robert Smith and Michael J. Gorman put the company on the market trying to attract higher offers at an April 27 auction.
The new owner is a group of "industry and financial buyers," according to Victor.
PCAA had been purchased by Australia-based Macquarie Infrastructure Co. LLC in 2004. Three year later the company hired Huntzinger and moved the headquarters to Essington, Delaware County, adjoining the airport. The company employs around 1,000 nationally.