Parking Co. of America Airports LLC, the operator of off- airport parking facilities at 31 sites near 20 major airports, filed a Chapter 11 plan this week calling for a going-concern sale of the assets after holding an auction.
The PCAA companies, owned by Macquarie Infrastructure Co. LLC, want the bankruptcy court to require bids by April 14, followed by an auction on April 20.
The liquidating Chapter 11 plan says that secured lenders on the term loan, owed $199.5 million, will receive proceeds from the sale of their collateral. Explaining the plan, the draft disclosure statement currently has blanks where the lenders will eventually be told how much they can expect to recover. The term loan matured before the bankruptcy filing.
Unsecured creditors are to receive whatever’s left after creditors with higher priorities are paid.
Bainbridge ZKS-Corinthian Holdings LLC signed a contract before the Chapter 11 filing to buy the assets for $111.5 million, absent a higher offer at auction.
PCAA and affiliates operate under the names AviStar, FastTrack and SkyPark near seven of the 10 largest U.S. airports.
PCAA owns 70 percent of the facilities where it operates. Assets were on the books for $94 million on Sept. 30 when debt totaled $233 million. For nine months ended in September, revenue of $51 million resulted in $4.4 million in earnings before interest, taxes, depreciation, and amortization. For 2008, revenue was $75 million with EBITDA totaling $8.4 million.
The case is In re PCAA Parent LLC, 10-10250, U.S. Bankruptcy Court, District of Delaware (Wilmington).