GlobeSt.com EXCLUSIVE: Amerijet Industrial Lease in Question

FORT LAUDERDALE, FL-Amerijet International Inc. has agreed to divest some of its real estate holdings as part its plan to reorganize under Chapter 11 of the U.S. Bankruptcy Code.

The Fort Lauderdale-based air cargo carrier has received court authorization to sell about a 66% interest in the company to H.I.G. Capital, a Miami-based private equity and venture capital investment firm that represents investors such as Banque Nationale de Paris; Deutsche Banc Alex. Brown; Donaldson, Lufkin & Jenrette; and First Union Corp.

The air carrier announced in late August it filed for protection from creditors. As for the reason, the air carrier cited in part the loss earlier in the year of an aircraft-charter contract with Emery Worldwide, which in turn lost a U.S. Postal Service cargo contract to Federal Express. That action idled nearly half of Amerijet’s fleet of about a dozen Boeing 727 aircraft.