Parking Co. of America Airports files plan to distribute sale proceeds

By Caroline Salls

Pittsburgh, Feb. 17 - Parking Co. of America Airports, LLC filed its plan of liquidation and related disclosure statement Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Parking Co. of America Airports has entered into a stalking horse purchase agreement under which Bainbridge ZKS - Corinthian Holdings, LLC would acquire the assets of the airport parking business for $111.5 million.

Plan creditor treatment will include:

• Holders of priority non-tax claims, priority tax claims and administrative claims will be paid in full in cash from sale proceeds;

• Holders of term loan secured claims will receive a share of cash from sale proceeds;

• Holders of Chicago secured claims and RCL secured claims will be paid in full from the proceeds of the sale of the collateral securing their claims;

• Holders of other secured claims will either have their claims reinstated or be paid in full in cash;

• Holders of general unsecured claims will receive a share of distributable value allocated to the specific debtor entity the claim is allowed against after full satisfaction of all allowed DIP financing claims, administrative expense claims, priority claims and pre-bankruptcy lender claims. These creditors will also receive 100% of liquidating trust interests; and

• Holders of equity interests and related claims and intercompany claims will receive no distribution.

Parking Co. of America Airports, an Essington, Pa.-based off-site airport parking business, filed for bankruptcy on Jan. 28. Its Chapter 11 case number is 10-10250.

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