Copying and distributing are prohibited without permission of the publisher
The saga of Allco Aviation (part 1)
12 June 2009
HNA Group and Bravia have formally won the auction for Allco Aviation. But as with anything else to do with Allco this is just the start of the next act. Alasdair Whyte writes the first part of the story. The non-recourse lenders will write the ending.
Read more:
[Allco Aviation]
[HNA Group]
[Bravia ]
David Veal found out that Allco Finance had entered administration when he stepped off a Qantas flight in Hong Kong in November 2008. As head of Allco Aviation, the aircraft leasing subsidiary, it was the last thing he wanted to hear.
He could be forgiven for thinking what a difference 18 months had made.
In May 2007 Allco had been waiting to hear if a consortium it was leading had managed to buy Qantas. The Australian company was unlucky that day. One US investor overslept and submitted his vote too late and the bid was pulled.
The rise and fall of Allco has already filled many pages in Australian newspapers and will be the subject of business school case studies. At times it has felt more like a soap opera.
The sale of Allco Aviation is, in its own right, another great story. It involves complicated financial structures, legal threats,...
Access to this content is denied because you are not logged in. Please login to view this content
Already have an account?
Subscribe
Subscribers have unlimited access to all current and archive content. Start your
subscription today - click on the button below.
Free trial
Taking a free trial will give you access to the current issue for two weeks (excluding
some surveys and articles). Start your free trial today.
