US Airport Parking Firm PCAA Bankrupt
January 28, 2010
Off-site airport parking operator Parking Company of America Airports filed for bankruptcy protection in a Delaware court on Thursday.
The Essington, Pennsylvania-based company, which operates under the AviStar, FastTrack and SkyPark banners, said it was directly impacted by the decline in business and leisure travel stemming from the recession.
PCAA plans to borrow up to USD$5 million as debtor-in-possession loan to fund operations during its bankruptcy.
The company operates 31 parking facilities near 20 airports across the United States and employs about 1,063 people. It owns the underlying property at about 70 percent of its facilities.
In court papers, PCAA said it had assets of USD$94 million and debt of USD$233 million as of September 2009.
(Reuters)
DON’T BE CONFUSED! This is “a” U. S. Airport Parking company, not THE USAirport Parking lot near Denver airport. We are alive and well and looking forward to seeing ALL our customers on their next flight out of DIA. Thanks!
Good idea clarifying that, Mark! The way that headline read, it did make it sound like USAirport Parking was bankrupt, which would be a real shock, since it’s always been so successful. The PCAA lot on 56th going under wouldn’t be as surprising – it’s a much smaller facility.
-Karl Kelman