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 and representing 3.4% of its fleet, that are stranded in Russia due to international sanctions.
The company is vigorously pursuing insurance claims to cover these losses, as it deems it unlikely to regain possession of the aircraft.
Despite being written off, these aircraft (including 13 from AL) are not grounded; Russia has illegally re-registered them, contributing to potential industry-wide insurance claims that could reach $10 billion.
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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