Aveos Fleet Performance wins court approval of business sale process

By Caroline Salls

Pittsburgh, April 23 - Aveos Fleet Performance Inc.'s divestiture process has been approved by the Superior Court of Quebec, according to an April 20 filing.

The company said it is looking to sell its three primary lines of business, including engine maintenance, component maintenance and airframe maintenance, as well as related surplus or redundant assets.

Under phase one of the process, Aveos is seeking non-conditional bids by noon ET on May 29.

Successful phase one bidders will be selected to move to phase two of the process. The phase two bidders will be invited to negotiate and finalize their bid with Aveos during an eight-day period.

The company said it will then hold a final private and confidential closed auction.

Aveos said bidders selected at the end of phase two are expected to complete a transaction about 60 days after the launch of the divestiture process.

Aveos Fleet Performance Inc. is a Montreal-based full-service maintenance, repair and overhaul provider to the aviation industry.

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