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EXHIBIT 99.A
[OGDEN LOGO]
CONTACT: Eric Berman
Adam Weiner
David Lilly
at Kekst and Company
212-521-4800
or:
Raymond E. Dombrowski
Ogden Corporation
212-868-6000
OGDEN CORPORATION ANNOUNCES AGREEMENT TO SELL
AVIATION FIXED BASE OPERATIONS BUSINESS FOR $27.1 MILLION
-- SALE MARKS CONTINUED PROGRESS TOWARD BECOMING PURE PLAY ENERGY
COMPANY --
NEW YORK, SEPTEMBER 12, 2000 - Ogden Corporation (NYSE: OG) today
announced that it has signed a definitive agreement with Consolidated
Lamda Holdings, S.A., an affiliate of the Latsis Group of Greece, to
sell its Fixed Base Operations (FBO) business for approximately $27
million. The Company will use approximately $2.2 million of the
proceeds to retire the unit's associated debt.
The transaction, which includes Ogden's Flight Services Group in
Connecticut and the FBO assets of its Transair unit based at Le Bourget
Airport in Paris, France, reflects Ogden's strategy to sell its
non-core Aviation and Entertainment assets in order to create a solid
operating platform for its Energy business.
"We continue to make steady progress toward our goal of transforming
Ogden to a pure-play energy company and completing the non-core asset
sales process," said Scott G. Mackin, President and Chief Executive
Officer of Ogden Corporation. "We have completed the disposition of the
majority of the assets in both the Aviation and Entertainment
businesses, and we continue to make progress on selling the remaining
non-core assets. Those remaining assets include the Aviation fueling
business, our Aviation privatization asset in Colombia, and the balance
of the Entertainment assets."
The FBO unit of Ogden Aviation provides customized services to business
and private aircraft, including aircraft management, air charter,
aircraft sales and air charter brokerage, as well as, fueling,
hangarage and full ground handling capability.
PrivatAir Holding, another Latsis Group affiliate, which will hold
these assets post-acquisition, also holds PrivatAir SA, a VIP charter
operation based in Geneva, Switzerland. PrivatAir has operated a fleet
of Boeing 737 and 757
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aircraft for over 20 years in the VIP transport arena and is currently
the only commercial operator of the new generation of Boeing
ultra-long-range executive aircraft - the BBJ (Boeing Business Jet).
"We are very excited by the acquisition of these assets which will
afford PrivatAir the opportunity to diversify the high quality product
line it offers to the discerning clientele of the business aviation
market," said Greg Thomas, a PrivatAir spokesman.
The transaction is expected to close by the end of the year and is
subject to customary regulatory approval.
* * *
Ogden Energy Group, a division of Ogden Corporation, is a global
developer/owner and operator of independent power projects and provides
related infrastructure services. On September 17, 1999, Ogden announced
its intent to sell its Entertainment and Aviation businesses to focus
exclusively on its role as a leading energy company. Additional
information about Ogden can be obtained via the Internet at
www.ogdencorp.com, or through the Company's automated information
system at (888) 643-3612.
Any statements in this communication, which may be considered to be
"forward looking statements," as that term is defined in the Private
Securities Litigation Reform Act of 1995, are subject to certain risk
and uncertainties. The factors that could cause actual results to
differ materially from those suggested by any such statements include,
but are not limited to, those discussed or identified from time to time
in the Company's public filings with the Securities and Exchange
Commission and more generally, general economic conditions, including
changes in interest rates and the performance of the financial markets;
changes in domestic and foreign laws, regulations, and taxes; changes
in competition and pricing environments; and regional or general
changes in asset valuations.
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