PCAA's $141M Ch. 11 Asset Sale Approved

Law360, New York (May 14, 2010, 7:13 PM EDT) -- A bankruptcy judge has given the green light to airport parking lot operator Parking Co. of America Airports LLC's sale of substantially all of its assets for $141 million, an offer that topped a previous stalking horse bid.

Judge Mary F. Walrath on Friday overruled objections and granted a motion by debtor PCAA, a subsidiary of Macquarie Infrastructure Co., and its affiliates to approve the sale and the high bid, according to her opinion in the U.S. Bankruptcy Court for the District of Delaware.

The purchaser,...
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