Morgan Stanley said it entered into a definitive agreement to sell operating lessor AWAS (formerly Ansett Worldwide Aviation Services) to Terra Firma, a European private equity firm, for $2.5 billion in cash plus the assumption of liabilities. The sale is expected to close in the first half of this year. Morgan Stanley took a $1 billion charge in the third quarter of 2005 to write down the value of the AWAS portfolio to its then-estimated fair market value. Based on terms of the agreement ...

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