Other Asian parties including Cheung Kong Holdings, Hong Kong Aviation Capital and SMBC Aviation Capital are also exploring binding offers for the portfolio, people familiar with the matter told Reuters.
Awas, which is owned by Guy Hands’ private equity firm Terra Firma, is expected to seek second round bids in late September and finalise a deal by next month, said the report.
Terra Firma has hired Goldman Sachs to help exit the business, which currently has around 300 planes on lease.
In July it was reported that Terra Firma was working on a break-up that could value Was at $13bn.
Was was said to be in talks to sell a portfolio of around 100 newer aircraft that could be valued at around $5bn.
In March this year Terra Firma ended its bid for damages from Citigroup over the firm’s 2007 deal for music publisher EMI in the US courts.
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