NEW YORK (Agefi-Dow Jones)–Aircraft leasing company AerCap Holdings is seeking $3.5 billion from its insurers over the inability to recover about 100 jetliners leased to airlines in Russia following Western sanctions against Moscow.
The world’s largest aircraft leasing group said on Wednesday it was leasing 135 planes to airlines in Russia, and had picked up 22 so far. European and American sanctions force lessors to cancel contracts and prohibit Western companies from providing maintenance and spare parts to the devices concerned.
AerCap chief executive Gus Kelly told a conference call the Dublin-based group had filed compensation claims for the planes, which represent around 5% of its fleet of 1,750 aircraft.
The group assesses its exposure to Russia at $2.5 billion and has indicated that it could pass charges to reflect the loss of these planes as early as the next quarter, before the payment of any compensation.
AerCap became the world’s largest aircraft lessor last year following its $31 billion merger with General Electric’s aircraft leasing arm, Gecas. GE retained a 45% stake in AerCap.
AerCap shares were down 6% in the middle of the session on the New York Stock Exchange. In recent days, the stock had recovered about half of its 30% loss suffered following the invasion of Ukraine last month.
-Doug Cameron, The Wall Street Journal (French version Jérôme Batteau) ed: TVA
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March 30, 2022 13:45 ET (17:45 GMT)