Bicoastal to Sell Off Link-Miles Subsidiary
Bicoastal Corp., reorganizing under Chapter 11 of the federal bankruptcy code, said it will sell subsidiary Link-Miles Ltd. to Thomson-CSF for $100 million.
Link-Miles Ltd., with headquarters in Lancing, England, develops military and commercial flight simulators. Thomson-CSF is a unit of the Paris-based conglomerate Thomson SA.
The deal must still be approved by U.S. Bankruptcy Court in Tampa and by the British and French governments, said Janet H. Rogan, a spokeswoman for Bicoastal.
Also pending is the sale of Simuflite, a pilot training facility in Dallas, said Rogan.
The transaction will not affect Link-Miles Corp. of Binghampton, N.Y., which also manufactures flight simulators.
Bicoastal, formerly Singer Co., filed for protection from creditors in November, 1989. Paul A. Bilzerian acquired Singer in February, 1988, for $1.06 billion.
Bilzerian, who headed the company until shortly before the Chapter 11 filing, was convicted in May, 1989, of concealing stock purchases in several unsuccessful corporate takeover attempts.