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Round one: the race for Awas
01 November 2005
Awas has a very different portfolio to Boullioun, but there is no shortage of bidders. Alasdair Whyte looks at the contenders.
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AWAS
Terra Firma
Macquarie
Morgan Stanley
The bidding process for Awas, the aircraft lessor owned by Morgan Stanley, has formally begun with six potential buyers making preliminary bids.
The seven bidding groups are: Babcock & Brown, Cerberus, the US investment firm that owns AerCap, the lessor that was debis Airfinance; Dune Capital, a large hedge fund; Fortress Capital, the fund that owns AirCastle; Australian bank Macquarie; Marathon Capital; and US investment firm Terra Firma.
It is unclear how serious the first bids are because several bidders have said that they need more information.
"The book sucked. It was about 1.5 inches thick but it didn't really tell you anything," says one bidder. "We will need more details before refining our bid."
Several bidders complained that there was too much market commentary and focus on possible future orders when they just wanted details on the 155 aircraft that Awas owns. The large number of older aircraft...
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