The Fort Lauderdale-based air cargo carrier has received courtauthorization to sell about a 66% interest in the company to H.I.G.Capital, a Miami-based private equity and venture capitalinvestment firm that represents investors such as Banque Nationalede Paris; Deutsche Banc Alex. Brown; Donaldson, Lufkin &Jenrette; and First Union Corp.

The air carrier announced in late August it filed for protectionfrom creditors. As for the reason, the air carrier cited in partthe loss earlier in the year of an aircraft-charter contract withEmery Worldwide, which in turn lost a U.S. Postal Service cargocontract to Federal Express. That action idled nearly half ofAmerijet's fleet of about a dozen Boeing 727 aircraft.

In a subsequent bankruptcy schedule, the air cargo carrierclaimed about $76 million in assets and $69 million in liabilities."The dollar value of the assets is probably lower in light of thedepressed market for 727s," says Michael D. Seese, an attorney inthe Miami law firm of Kluger, Peretz, Kaplan & Berlin who filedthe petition for the air carrier.

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