Manston Airport, Kent 6th May 2014
RiverOak Investment Corp LLC of Stamford Connecticut announced on May 4, 2014 that it had submitted a formal offer to acquire 100% of the shares in the company owning Manston Airport. The offer was conditional only on an expedited process of due diligence with closing anticipated by the end of May 2014.
The consideration offered is significantly higher than the entire capital investment expended by the current owner since Manston was purchased in November of last year.
RiverOakís executives visited Manston on April 29th and travelled to Scotland to meet Mrs Gloag and her advisor on May 2nd. RiverOak currently has $350 million of assets under management with a number of operating partners and has a successful track record of turning around troubled operating and real estate assets.
In this particular project, RiverOak is the capital partner of a number of aviation operating entities specializing in aircraft maintenance and cargo operations, and principal partners at RiverOak have extensive US experience with the capital markets and debt restructuring of a number of major airport assets, one of which is a singular maintenance and cargo hub in Texas.
RiverOak has developed a long term plan to own and manage Manston as an airport in line with its investment philosophy of diversified investing in asset backed businesses. RiverOak remains committed to investing in and developing Manston as a successful diversified aviation services, cargo and potential future passenger airport facility, and values Manston as an important piece of aviation infrastructure that is very important to both Kent specifically and the United Kingdom in general.
RiverOak is distressed to learn of the announced closure of Manston today and remains willing to engage with all parties to achieve a solution which allows the airport to continue operating and preserves the jobs of its staff.