Macquarie Infrastructure Company announced that its airport parking business, Parking Corporation of America Airports (“PCAA”), has entered into an asset purchase agreement with Bainbridge ZKS – Corinthian Holdings, LLC. The sale of the assets is the first step in a bankruptcy court-led sale.
Bainbridge KZS – Corinthian Holdings, LLC look set to acquire $111.5 million worth of assets from MIC, resulting in the elimination of approximately $201 million in debts from MIC’s consolidated balance sheet.
Their airport parking business comprises of 31 facilities in 20 major commercial airport markets around the country, and is headquartered near the Philadelphia International Airport. The transaction is expected to close within the first half of 2010.