News
Quebec judge expected to rule on Aveos case
April 20, 2012, Montreal - A Quebec judge is expected to approve a two-month sales process today for insolvent aircraft maintenance firm Aveos Fleet Performance.
April 20, 2012 By The Canadian Press
Potential bidders will until May 29 — five weeks — to prepare their offers for Aveos' three business lines.
Selected bidders will then have about 10 days to finalize their offers and waive any conditions, according to a motion set to be heard by Quebec Superior Court Justice Mark Schrager.
About 23 potential bidders have expressed an interest in acquiring some or all of the Montreal-based company's assets.
Air Canada's largest aircraft repair and overhaul provider laid off more than 2,600 employees across the country March 20 when it ceased operations.
In addition to having solid financing, potential buyers need to provide details on the proposed number of unionized and non-union employees it will employ.
German-based Lufthansa Tecknik is expected to be among the leading bidders. The company's subsidiaries employ 26,500 workers and serve 750 clients around the world.
