RSS client A J Walter Aviation Limited, the world’s leading independent provider of integrated aviation services, has completed the acquisition of the assets of the former component repair business of Aveos Fleet Performance Inc.
AJW also announced its plans to develop a world-class component repair and overhaul operation to enhance its diverse business model and will establish Montréal as its new global headquarters for the repair and overhaul of aircraft components. Aveos has been under Companies’ Creditors Arrangement Act protection since its doors were closed several months ago and thousands of employees lost their jobs.
Congratulations to RSS partners Philippe-André Tessier and Jean-Denis Boucher, who successfully negotiated a term sheet on behalf of AJW with the Aveos union in record time, which was an absolute pre-requisite to AJW acquiring the Aveos assets.
Congratulations are also due to the RSS Business Law Team, led by partner Sharon G. Druker, along with partners Jean-Marc Fortier and Peter S. Martin and associate Nicholas Martin, who prepared AJW’s bid to purchase the assets of the CMC Division of Aveos from the court-appointed Chief Restructuring Officer and Monitor. In addition to guiding AJW throughout the bid process, they also successfully negotiated a new lease for downsized premises with the former Aveos landlord and assisted AJW in securing acquisition financing.
As noted by RSS CEO Charles E. Flam “each of the members of the RSS team working on this important mandate provided wise counsel and guidance throughout and each is to be congratulated for his/her efforts during the past weeks and months and for contributing the valuable skills required to bring these transactions to such a successful conclusion, despite very tight time constraints”.