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 (AL) is writing off 27 aircraft valued at $802.4 million after they became stuck in Russia due to economic sanctions.
These 27 aircraft, representing 3.4% of AL's fleet, are considered unlikely to be recovered as Russia has illegally re-registered many leased planes.
AL is vigorously pursuing insurance claims to recover losses, a situation reflective of a broader industry issue where insurers could face up to $10 billion in claims from aircraft 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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