Auction Conducted by Heritage Global Partners, Hilco Industrial, and Counsel RB Capital Finds Buyer for Complete Facility.
MIAMI, Friday, September 17th 2010 [ME NewsWire]:
(BUSINESS WIRE)-- AeroThrust Corporation, described as the largest U.S. provider of jet engine maintenance, repair and overhaul services, was sold intact for $5 million to a group led by Miami-based Air-Capital Group, LLC. AeroThrust owners had filed for bankruptcy late in 2009. The sale occurred in a bankruptcy auction conducted by Heritage Global Partners, Hilco Industrial, and Counsel RB Capital, LLC.
The auction, which was facilitated through technology provided by Hilco Industrial and Heritage, drew more than 500 prospective buyers. It was staged both on-site at the company’s 140,000 square foot Miami facility and, simultaneously, through an Internet webcast. Among the tangible assets included in the sale were equipment, tooling and parts inventory for maintaining the popular CFM56 jet engine as well as a number of remanufactured engines.
According to David Weiss, Vice President of Sales at Heritage Global Partners, “The sale of AeroThrust and all its tangible and intangible assets represented the first time a jet engine repair facility has been sold in bulk.”
Robert Levy, CEO of Hilco Industrial, said, “Our initial thoughts were that the assets would sell in individual lots, but it became clear early-on in the auction process that there was more value to be recovered in a bulk sale.”
Adam Reich, a principal with Counsel RB Capital, said, “The team responsible for planning and conduction this important auction was pleased it could assist the Trustee to maximize the value of the assets and the recovery to creditors."
About Hilco Industrial, LLC
Hilco Industrial (www.hilcoind.com) provides machinery, equipment and inventory disposition services through on-site, online and “webcast” auctions as well as negotiated sales. Hilco can also acquire assets or provide disposition guarantees. Headquartered in Farmington Hills, Michigan, Hilco has offices throughout North America and the U.K.
About RB Counsel Capital, LLC
Counsel RB Capital (www.counselrb.com) specializes in acquiring machinery, equipment, real estate, inventories, accounts receivables and distressed debt as well as equity interests in operating companies.
About Heritage Global Partners
Heritage Global Partners (www.hgpauction.com) is a global auction and asset advisory firm headquartered in San Diego, California. Managing partners, Ross and Kirk Dove, have conducted over 4,000 industrial auctions over the past half century, spanning 30 countries, in virtually every industrial sector and geography.
For media enquiries, please contact:
Richard L. Kaye
Hilco Industrial, LLC
847-418-2711
rkaye@hilcotrading.com
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