Air Lease Claims $802.4 Million Write Off After 27 Leased Jets Stuck in Russia
The aircraft lease company said it is pursuing insurance claims to cover the losses, which it says amounts to 3.4 percent of its fleet, according to an SEC filing.
AN SEC filing says the 27 aircraft represent about 3.4 percent of the Los Angeles-based aircraft leasing company's fleet. [File photo: Shutterstock]
Key Takeaways:
Air Lease Corporation (ALC) is writing off 27 aircraft valued at $802.4 million, representing about 3.4% of its fleet, due to widespread economic sanctions that left them stranded in Russia.
The company terminated leases with Russian airlines and has determined it's unlikely to regain possession of these aircraft, which include both owned and managed planes.
ALC is vigorously pursuing insurance claims to recover these losses, which are part of a larger industry problem potentially leading to up to $10 billion in claims for insurers from aircraft illegally re-registered and grounded in Russia.
Air Lease Corporation (NYSE: AL) is writing off 27 aircraft worth $802.4 million and pursuing insurance claims to cover the loss after widespread economic sanctions left the airplanes stuck in Russia.
The 27 aircraft represent about 3.4 percent of the Los Angeles-based aircraft leasing company’s fleet, according to an April 19 Securities and Exchange Commission filing.
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