Allco Finance, which is currently in liquidation, has completed the sale of its key aircraft leasing business – eight months after the deal was signed.
The sale of the business to China’s HNA Group, a state-owned transport and logistics company, was announced in May but has been held up waiting for the consent of 29 non-recourse lenders, which between them have $3 billion tied up in the Allco fleet. The illustration is captioned ‘Order from Allco.’
No one is disclosing the sale proice but in 2008 Allco put a net value of $86 million on the business, whose customers include Qantas, Emirates, Singapore Airlines, Ryanair and Asiana.
Sydney Morning Herald reports the sale leaves Allco’s debtor-finance business as the last tradeable business for the receiver to offload.