প্রকাশ: 18/05/2022
The world's top
aircraft lessor AerCap said on Tuesday it booked a pretax charge of
$2.7 billion in the first quarter as it recognised a loss on its more than 100
jets that remain stranded in Russia.
AerCap is the latest leasing company to take an
immediate hit on its Russian exposure, something the firms had previously been
expected to defer until they had more clarity over the amount that could be
reclaimed from insurers.
But with lessors and insurers gearing up for a historic
battle over record potential claims worth an estimated $10 billion, industry
executives said some lessors had been advised by lawyers to take write-downs as
soon as possible to buttress claims that could drag through the courts for
years.
Dublin-based AerCap had the largest exposure of
any lessor, accounting for 5% of its fleet by value. It submitted a $3.5
billion insurance claim in March and said on Tuesday it had not recognized any
receivables relating to the claims.
"We have filed insurance claims related to these assets
and will vigorously pursue all available remedies to recover our
losses," AerCap Chief Executive Officer Aengus Kelly said in a
statement, describing the Russian hit as an undoubted setback, but a manageable
one.
Over 400 leased planes worth almost $10 billion remained in
Russia after a March 28 deadline to cancel the contracts in line with Western
sanctions over the war in Ukraine.
AerCap's charge comprised of an impairment loss and complete
write off of flight equipment that remains in Russia. It removed 22 aircraft
and three engines that were based outside of Russia when the sanctions were
announced, but has 113 aircraft and 11 engines still stuck in the country.
The charge was partially offset by $210 million in payments
from letters of credit related to the Russian-based
assets. AerCap said it had initiated legal proceedings against one
financial institution which rejected its payment demands.
AerCap said that excluding the charge, its
first-quarter net income was $540 million and Kelly said he expected to see
demand for travel continue to grow as a broad-based recovery progresses.
- Reuters
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