Large Parking Firm Files for Chapter 11 Bankruptcy

There was some big news in the parking business yesterday, as Parking Company of America Airports, LLC filed for Chapter 11 bankruptcy protection. Like many other businesses across all industries, the company was negatively affected by deep economic recession that we are currently experiencing, and saw a decrease in revenue.

But this is why Chapter 11 exists - so companies that have faced financial issues can restructure and start fresh. The company plans to obtain $5 million in financing in order to continue operating as normal. Meanwhile, parent-company Macquarie Infrastructure will sell off the firm to Bainbridge ZKS-Corinthian Holdings, LLC, which will eliminate a fair amount of Parking Company of America Airports' debt.

Parking Company of America Airports operates 31 parking locations at 20 airports, including New York (both JFK and LaGuardia), Atlanta, Philadelphia, Phoenix, and San Francisco. Their website, which allows one to reserve parking online, can be found here.