Allco shipping sale rescheduled

Talks were continuing but difficult conditions in the international shipping industry had delayed the process, Ferrier Hodgson partner Peter Gothard said.
“The original timeline was to have the business sold in the first half of this year,” he said.
“We are trying to progress it as soon as possible, but we expect it will take some time to resolve.”
The shipping assets are estimated to be worth about $200m.
“An extensive competitive tender process was conducted with the assistance of our advisors, Citi.
“Through an active sales process we have reached out to more than 100 parties but we are still actively seeking the right party to partner with the group.”
Meanwhile, Ferrier Hodgson said it had sold Allco’s aviation unit to a consortium that included China’s HNA Group and US leasing business Bravia Capital Partners for an undisclosed sum.
“We had a high level of interest in the aviation business, particularly given the current economic climate and we are very pleased with the outcome of the sale,” Mr Gothard said.
HNA interests include private carrier Hainan Airlines. Bravia Capital Partners, a private equity firm based in New York, has investments in India and China, among others.
In December last year, Ferrier Hodgson sold Allco’s diversified fleet of 3,650 freight cars in North America to lease financing and transportation asset specialist GATX for US$217m.