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 (3.4% of its fleet), that are stranded in Russia due to economic sanctions imposed after the invasion of Ukraine.
ALC is actively pursuing insurance claims to recover the losses for these aircraft and does not expect the write-off to result in material future cash expenditures.
This incident is part of a broader issue where insurers could face up to $10 billion in claims for planes grounded in Russia, with many aircraft, including 13 from ALC, having been illegally re-registered by 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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