Amid Western sanctions against Russia and allegations of withholding documents, the spat between Boeing and the Irish-registered lessor is finally coming to a head.
On Tuesday, the CEO and CFO of GD Helicopter Finance, a Chinese-owned and Irish-headquartered aviation lessor, announced their departures from the business.
AerCap struck a deal with Honeywell over disputed parts in the bankruptcy of Spirit Airlines, while repair firms like EirTrade are buying up aircraft for teardown and re-selling of equipment.
The low-cost airline has been propped up by subsidies and been battered by fuel costs stemming from Middle East crises. Now it must renegotiate contracts with Irish-based lessors.
The Irish-registered Russian lessor, under Western sanctions, alleges EasyJet abandoned its planes in 2022 and it lost more than $70 million in the process.
AerCap successfully challenged a tax ruling in India to avoid double taxation, while a revamp of bankruptcy rules makes aircraft repossessions in cases of default more straightforward.
The Irish lessor is butting heads with Honeywell over who owns an expensive piece of aircraft kit and says a raft of other parts have yet to be returned by the bankrupt airline.
GD Helicopter Finance, based in Dublin and owned by China’s GDAT, tried to buy a Belgian helicopter operator but a government minister said the deal was risky for national security.
AerCap revealed that, after four years of war in Ukraine, its total recoveries from Russian airlines and insurers has reached $3bn – but the mission to recoup funds is far from over.
Lessor Orix is buying aviation aftermarket firm AerFin in a deal that will greatly expand Orix’s remit into spare engine and aircraft parts. Chief executive James Meyler explains more.
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