30-Jul-2020 Source: HeliHub.com
In it’s 2020 Q2 report released yesterday, US conglomerate General Electric has written off $729 million of their valuation of the Milestone Aviation helicopter leasing business they acquired in 2015 for $1.775 billion plus the assumption or payoff of the company’s existing debt.
GE normally carries out an annual test for goodwill impairment in their Q4 results, but has taken the step of an interim review in the light of the COVID19 pandemic, or in their corporate-speak “recent events, including challenges from declines in current market conditions”.
GE also reported a further $110 million of goodwill written off from other areas of GECAS, and a further $877 million from their Additives division. A total of over $1.7 billion in goodwill reduction.
Jeremy Parkin – HeliHub.com