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9 MAY 2022

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Article from BTNews 9 MAY 2022

Russian write-off

Air Lease Corporation (ALC), headed by the redoubtable Steven F. Udvar-Ház, has announced to the New York Stock Exchange it would write-off the value of 27 aircraft that are still remaining in Russia.

The US$802m trashing will be reflected in the company’s first quarter of 2022 financial report.  

“It is unlikely that the company will regain possession of the aircraft that have not been returned and that remain in Russia,” ALC noted, that the company “is vigorously pursuing insurance claims to recover losses relating to these aircraft”.

Russia started to re-register aircraft following sanctions imposed on the aviation industry over its invasion of Ukraine on 24 February. The sanctions include a ban on the sale and lease of aircraft to Russian airlines.

Russia has re-registered 360 aircraft since the start of March, according to new data from consultancy IBA.   

www.iba.aero

https://airleasecorp.com

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