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Allco’s receiver warns Macquarie
14 July 2009
Ferrier Hodgson believes Macquarie is conflicted but several non-recourse lenders have asked the Australian bank to become portfolio manager and kill HNA Group bid.
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Allco
Macquarie
Ferrier Hodgson
HNA Group
The receiver to Allco Finance has written to Macquarie to warn it against using confidential information it was given whilst bidding for Allco Aviation in its attempt to become manager of the aircraft leasing business.
Peter Gothard, a partner at Ferrier Hodgson, has sent several letters to Macquarie including one to Nicholas Moore, the CEO of Australia's largest investment bank arguing that the bank could be seen to be breaking commitments it made when it signed confidentiality agreements as part of the sale.
Several Allco Aviation lenders have asked Macquarie, which made an unsuccessful bid to acquire the aircraft leasing company, to submit a proposal to manage the 68 aircraft portfolio.
The receiver believes that Macquarie should not be offering this service after failing to win the formal bidding process.
“We have a contract with HNA Group to buy Allco Airfinance and we are taking it seriously,” says Gothard. “We...
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