Macquarie To Sell Parking Unit For $111M Via Ch. 11

Law360, New York (January 28, 2010, 6:28 PM EST) -- In the face of a nationwide decline in air travel, Macquarie Infrastructure Co. announced Thursday a deal to sell its airport parking lot business — Parking Corp. of America Airports — to Bainbridge ZKS Corinthian Holdings LLC for $111.5 million through a Chapter 11 sale.

PCAA and several of its affiliates filed for bankruptcy Thursday in the U.S. Bankruptcy Court for the District of Delaware.

The company had $94 million in assets and $233 million in liabilities as of Sept. 30, according to an affidavit by...
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