|
US finance company GATX is to sell its stake in Irish aircraft leasing company Pembroke Group. No buyer has emerged yet for the 50% stake owned by GATX, but it is believed that the company is likely to attract hedge fund interest. GATX said it expects to complete the sale by the end of this year.
"Management identified certain assets from both its wholly owned aircraft fleet and its affiliate investments that were not yielding an acceptable level of return and targeted these assets for disposition, " GATX said in a statement to the Securities and Exchange Commission.
Pembroke reported a dramatic fall in turnover in 2004 which stood at 95.6m by year-end, down from 221.2m for 2003.
The company, which has more than 150 owned and managed aircraft and which works with 30 operators across the world, recorded an operating loss of 16.6m for the year ended December 31st 2004 after taking an exceptional charge of 46.5 in relation to asset impairment.
GATX acquired its stake in the company in January 2001 from Dermot Desmond's IIU, which owned 30% of the company, and Pembroke management.
While no sale price was disclosed at the time, sources in the aviation industry said GATX paid around $60m for the stake.
The remaining 50% of the company is owned by Rolls Royce.
|
YOU ARE HERE: 19 March 2007 / tribune.ie / 2006 / 03 / 19
Terms & Conditions 
