LOS ANGELES, May 17, 2010 /PRNewswire/ – An affiliate of Aurora Capital Group (“Aurora”) has entered into a definitive agreement to purchase the assets of Parking Company America Airports (“PCAA”), a leading off-airport parking operator. PCAA currently operates 27 parking lot facilities near major domestic airports including seven of the nation’s ten busiest airports and maintains over 30,000 parking spaces nationwide.
Anthony DiSimone, Managing Partner of Aurora Resurgence, the complex situations fund within Aurora Capital Group, commented, “We are excited about the long term prospects available to the new company and look forward to bringing our resources to PCAA to support its employees in building a leading national platform.”
As previously announced, on January 28, 2010, PCAA filed for Chapter 11 protection in the United States Bankruptcy Court for the District of Delaware. The Bankruptcy Court established a bid process whereby interested parties, including Aurora, could submit bids for PCAA’s assets. The Bankruptcy Court has approved the sale and the parties are working together to close the transaction as expeditiously as practical. The transaction is also subject to the expiration or early termination of the waiting period under the Hart-Scott-Rodino Act and other customary closing conditions.
About Parking Company America Airports
Parking Company America Airports, with headquarters in Philadelphia, Pennsylvania, operates off-airport parking lots under the Avistar and Fasttrack brand names. The Company provides valet, self-parking, covered, uncovered and indoor parking options at 27 domestic airport facilities. The Company currently employs approximately 1,000 employees.