PCAA, top airport parking firm, completes $141M sale

Aurora Capital Group, Los Angeles, is new owner of Philadelphia's Parking Company America Airports

by Joseph N. DiStefano

Published Jul. 20, 2010, 9:02 a.m. ET

Aurora Capital Group, Los Angeles, has paid $141 million - a $30 million premium to the auction asking price - for Parking Company America Airports (PCAA), Philadelphia, in a Section 363 auction following PCAA's Chapter 11 bankruptcy reorganization.

The deal, approved in May in federal bankruptcy court in Wilmingon, closed last month. PCAA runs more than 25 AviStar, SkyPark and FastTrack lots and garages around the U.S., with parking for 40,000.