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December
General Electric Capital Corporation has become the first US corporate to issue an aircraft-based Islamic bond.
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Chinese aircraft leasing company finances three aircraft in December.
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Scandinavian Airlines System (SAS) will sub-lease two Boeing 737-800s to JSC Moskovia Airlines.
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The Embraer E190 will be on lease to KLM Royal Dutch Airlines for 10 years.
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BNP Paribas closed the commercial loan financing for the aircraft.
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Private equity firm, Oaktree Capital, will invest $500 million with new leasing company, Sky Holding. In their first interview since getting finance, the team reveal their strategy.
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Embraer and CDB Leasing Company team up in a deal that could be worth $2.2 billion over the next three years.
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The aircraft have been bought with leases attached.
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ICBC Leasing closed the first foreign aircraft leasing transaction for two Boeing 777-200ERs.
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Calyon arranged and provided the debt financing for an Airbus A330-200 on lease to Avianca.
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November
Air Slovakia wet leases five aircraft to Albanian Airlines in one-year ACMI deal.
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ILFC is looking to sell aircraft on lease worth $2.5 billion rather than selling all of the AIG's aircraft leasing company.
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Willis Lease Finance Corporation closes a $240 million deal for engine acquisitions.
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The 737-800 is the first of four aircraft to deliver.
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Gecas aircraft are backing the first ever aircraft Sukuk and the first Islamic bond by a US issuer.
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ILFC reports a good third quarter.
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The four listed aircraft leasing companies released third-quarter results showing an increase in stock prices from last year.
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Calyon arranged the export credit financing.
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October
Boris Wolstenholme assumes CEO role.
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Calyon leads the financing of the long-term operating lease for $110 million.
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By buying Genesis, AerCap does not just get more aircraft and new customers making it the world’s largest independent aircraft lessor. It also gets cash to finance its own aircraft deliveries and growth. Alasdair Whyte looks at why the two listed aircraft leasing companies will fit together so well.
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A much delayed first book about GPA stirs up memories of working there, but as a diary of the tough times, fails to highlight the fun that many employees had at the company, writes Alasdair Whyte.
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An Australian judge will decide whether a majority or unanimous vote is need to transfer aircraft from Allco Aviation to another servicer. The judgement could finally decide the sale of Allco Aviation on year after its parent entered bankruptcy.
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International Lease Finance Corporation makes a repayment with help from parent American International Group.
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The two new E190LRs will deliver in March and April 2011 and will be used to grow the Kazakhstan national carrier’s regional footprint
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The office will be staffed by Harry Forsythe as the lessor eyes growth and opportunities in the region
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AerCap deliveries rose compared to last year, but lease agreements and purchases are down.
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September
HNA Group’s purchase of Allco Aviation is approved.
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Cathay Pacific has signed a sale/leaseback agreement with BOC Aviation for six Boeing widebodies.
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The merger between AerCap and Genesis Lease will close in the fourth quarter of 2009
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Cathay Pacific has signed a sale/leaseback agreement with BOC Aviation for six Boeing widebodies.
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Statement: “In response to unusual trading activity in its stock and marketplace rumours, Genesis Lease Limited (NYSE:GLS) said today that it is in discussions with another party concerning a possible M&A transaction.”
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NYSE-listed AerCap (NYSE: AER) looking to acquire Genesis Lease Limited (NYSE: GLS). An Airfinance Journal exclusive by Alasdair Whyte.
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Royal Bank of Scotland is considering options for its $8 billion aircraft leasing business with Goldman Sachs sole adviser.
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August
The sale of ILFC could be moving in a different direction from a 100% sale of the company as alternatives are considered.
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ICBC’s board of directors has approved a capital injection of RMB 3 billion for its leasing arm which is now looking to do more deals
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Receiver Ferrier Hodgson has asked the lenders to grant a waiver ensuring Bravia/HNA's acquisition is not jeopardised by a past Allco default
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Bravia Capital Partners CEO, Bharat Bhise, is confident that preferred bidders, Bravia/HNA, will win the right to control Allco Aviation in the next two months.
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GAAM is not up for sale after LJCB Investment Group becomes majority owner of parent GAHF. The Australian lessor is now looking to talk with private equity groups about growing the business, possibly through the acquisition of a leasing company
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Willis Lease Finance Corporation reports robust second quarter and half-year results, pointing to the recessionary benefits of lower borrowing costs and the increased demand for leased engines from airlines keen to conserve capital
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Second quarter net income was $56.6 million, compared with $68.6 million last year
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Net income increases to $14.0 million in “another positive quarter” for the Dublin-based lessor
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The fight to acquire Allco Finance Group's aviation assets continues.
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If times seemed tough in the summer of 2008,this year that pain has been magnified. Aircraft leasing is a good business, but lessors will have to be nimble and clever to find finance over the next few years.
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Oisin Murray, formerly of SkyWorks Leasing, joins as vice president, technical
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Aviation Capital Group reports aircraft transactions for the second quarter of 2009.
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Indonesian carrier, Garuda, takes its first delivery from aircraft leasing company DAE Capital
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July
The Shannon-based lessor said the results reflected the termination of aircraft leases and depreciation costs and pointed to the fact its portfolio was delivering strong cash flows.
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Bank of China’s leasing unit has issued an RFP for the European export credit financing of seven A320 family aircraft.
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The company formed out of Oasis International Leasing has posted net profits of AED 21 million for the first six months of the year – a 68.5% fall from the AED 66.8 million recorded for the equivalent period last year.
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In a surprise decision the Kinghorn Foundation will ask Macquarie to propose managing Allco Aviation.
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Despite rumours circulating, four of Allco’s lenders are still committed to using Macquarie rather than HNA Group.
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Allco Aviation’s lenders have the right to approve any new manager – so who are they?
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CIT Aerospace’s parent company, CIT, has 24 hours to find out if lenders are going to support the company
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Hong Kong Aviation Company says its recent deals are part of an aggressive expansion strategy that will see the newly-launched consortium become one of the industry’s major players.
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Babcock & Brown Air has declared a quarterly dividend of $0.20 per share, which is unchanged from January and in line with the company’s strategy of retaining cash amid the dislocation in the financial markets.
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The turboprop lessor is setting up a new office in Singapore, headed by Mats Ericson.
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Ferrier Hodgson believes Macquarie is conflicted but several non-recourse lenders have asked the Australian bank to become portfolio manager and kill HNA Group bid.
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Key lender meeting to discuss Bravia and HNA Group bid to take place on Wednesday
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Bravia and HNA Group have big plans for Hong Kong Aviation. Bharat Bhise, CEO of Bravia Capital Partners, says the acquisition of Allco Aviation is just the start.
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Three former managers at Royal Bank of Scotland’s aircraft leasing arm, RBS Aviation Capital, join GreenStone Aviation.
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Four banks and funds have told Allco Aviation’s receivers that they want another company to buy the aircraft leasing company. HNA Group and Bravia are still committed to buying the company but there is support for third place Macquarie Airfinance to buy the Allco subsidiary.
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June
Japanese bank Nomura to buy Babcock & Brown Aircraft Management (BBAM) and its stake in Babcock & Brown Air (B&B AIR). A formal announcement expected soon.
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While Pembroke and BOC Aviation get lucky in the downturn, the ILFC and Allco sales could open the flood gates for more lessor M&A
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Aviation Capital Group expands its interests in the Middle East and North Africa with a new joint venture.
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Greenbriar and Onex are in final talks with ILFC management, Chinese and Middle Eastern investors may join bid
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John Slattery, the former head of Americas at RBS Aviation Capital, has formed a new commercial aircraft leasing company with over $100 million in launch equity.
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American aircraft leasing company, Aviation Capital Group, is looking to raise finance with an Ex-Im guaranteed capital markets transaction
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The delivery marks the first time Awas has worked with the start-up South Korean carrier and builds its footprint in the Asia Pacific region.
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Sophie Segal profiles BOC Aviation and Pembroke.
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HNA Group and Bravia have formally won the auction for Allco Aviation. But as with anything else to do with Allco this is just the start of the next act. Alasdair Whyte writes the first part of the story. The non-recourse lenders will write the ending.
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A banker for one of Allco’s lenders says the Bravia/HNA bid will likely go through, but if not the sales process will be in a “mess” with the prospect of a third party leasing company appointed manager.
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Airfinance Journal profiles the preferred buyers for the take-over of International Lease Finance Corporation
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Despite press stories, the sale of International Lease Finance Corporation (ILFC), American International Group’s aircraft leasing subsidiary, is progressing and the preferred bidder has been selected.
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The leasing arm of Japan’s Sumitomo Corporation has appointed Shogo Ishimaru as president and managing director to oversee the company’s growth plan.
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The lessor has repurchased $20 million of its securitisation notes for $10 million and paid $7 million for an option to repurchase an additional $100 million of notes for $48 million.
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Tapping the export credit market is helping ILFC finance deliveries
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May
A new development arising from a creditor’s meeting may deny Allco’s lenders the right to appoint a new servicer. The latest twist could now establish KV Aviation – set up by former Allco CEO David Veal and founder John Kinghorn – as a favourite to run Allco
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HNA Group and Bravia have formally won the auction for Allco Aviation. But KV Aviation, formed by John Kinghorn, the founder of Allco, his son Geoff Kinghorn, and David Veal, the former head of the aircraft leasing business, are now favourites to end up running the company.
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Bank of China's aircraft leasing subsidiary has issued an RFP for the Ex-Im financing of up to 11 Boeing 737NGs, to be leased to WestJet and Virgin Blue.
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The new Kuwaiti leasing company is to raise $93 million through a shares issue. NBK Capital, lead manager, says the response in the Gulf has been surprisingly positive.
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Royal Bank of Scotland’s 787 cancellation is not bad news for the aircraft leasing company or for Boeing.
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The Chilean cargo carrier has taken delivery of the first of two 777 freighters from the American leasing company.
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Royal Bank of Scotland’s aircraft leasing subsidiary cancels 787 order.
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The Dutch and American lessors report decreased incomes for the first quarter of 2009, reflecting depressed sale prices for assets and higher transition costs resulting from defaults.
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Lenders to Allco need to know more about Bravia Capital and HNA’s plans before they will approve the sale
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Macquarie AirFinance and TUI Aviation have closed a sale and leaseback deal on a 737-800 for Jetairfly.
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Allco’s aviation assets have been sold to Bravia Capital Partners and HNA Group, with Chinese banks providing financing. However former head Veal could still mount a legal challenge based on the argument that any sale is subject to consent of the SPV owners.
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April
If adopted, the preliminary views of the International and US accounting standards setters could radically alter how lessees account for operating leases. Killian Croke, director at KPMG, outlines some potential implications.
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The A320-214 is the first of three to deliver to the airline this year from Gecas and comes on the back of a solid first quarter for the lessor
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The Kuwaiti lessor’s first half figures are down on last year, but the company is confident it is realising its regional expansion plans.
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American International Group and the US government has received three bids for International Lease Finance Corporation
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The Abu Dhabi-based company said the loss reflected the “unprecedented challenges” stemming from the global economic crisis.
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The Canadian charter airline receives two 737s from CIT Aerospace
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The American and Irish leasing company increases its first quarter activity by 15% year on year.
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Standard Chartered Bank has bought a 14 aircraft portfolio from Gecas to grow its aircraft leasing business.
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Bids for International Lease Finance Corporation are due tomorrow
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AerCap’s joint-venture with Loadair hit by Middle East cash shortage
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China’s Dragon Aviation Leasing has taken delivery of another new A320, on lease to Aigle Azur.
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Aviation finance banker launches consultancy that aims to establish virtual lessors for high-net worth individuals.
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The Kuwaiti lessor says the European Export Credit Agencies will help finance 15 A320s delivering in 2009. It has also re-leased three aircraft to China Eastern and Ethiopian Airlines.
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BOC Aviation pays $105 million for three new Southwest 737-700s on 12 year leases.
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March
Skyways arranges the long term dry lease of five Embraer regional jets for the Aeroméxico subsidiary.
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As David Veal and John Kinghorn announce the launch of a new leasing company, two other recent start ups, Titan Leasing and Sahaab Leasing, talk about their early experiences.
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Lease Corporation International (LCI) will be the lessor launch customer for the Bombardier CSeries aircraft.
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Bank of China’s leasing subsidiary passes the $100 million mark in net profit as its counter-cyclical strategy pays fruition.
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The bidding contest for Allco Aviaiton has become a two-horse race between Bravia Capital Partners and BOC Aviation, according to a source close to developments.
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Former Allco Aviation CEO David Veal and Allco founder John Kinghorn launch new joint venture that will focus on the acquisition of aircraft and portfolios.
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Lessor says that its survivial could be in jeopardy without support from parent or a third party
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Babcock & Brown Air will repurchase $100 million of securitization notes for $48 million in a private deal
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The US government, manufacturers, western banks and Asian banks are all planning to lend to International Lease Finance Corporation (ILFC), with second round bids for American International Group’s (AIG) aircraft leasing company due in April.
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GE Commercial Aviation Services (Gecas) supports Hungarian low-cost carrier.
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GE Commercial Aviation Services (GecasS) has delivered two new Airbus A320-200 to India’s GoAir.
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AerCap closes agreements on a pair of debt facilities for a total of $932 million for deliveries of Airbus aircraft.
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Mexicana Group is to lease 25 717s from Boeing Capital for its MexicanaClick subsidiary.
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Babcock & Brown Air posts its first annual results as a publicly listed company.
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The American government is to guarantee ILFC parent AIG's debt to help the sale of the aircraft leasing company.
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As established international lessors struggle, Chinese leasing companies – backed by rich banking parents – have new opportunities to compete internationally. But much will depend on the government and whether it will loosen the regulatory burdens that have confined lessors to the domestic arena.
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February
Second round of bids are due at the end of March for International Lease Finance Corporation.
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With the future of RBS Aviation Capital in doubt, it is worth remembering that Royal Bank of Scotland's (RBS) chief executive almost had the chance to close the aircraft leasing company before. A brief history of RBS Aviation Capital and Abbey National.
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Senior executives at ICBC and BOC Aviation rubbish stories linking them with International Lease FInance Corporation.
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The strong shortlisted bidding group means a successful sale of Allco's aircraft leasing business is likely. However, David Veal's resignation could complicate the process.
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Forget banks, the main action involves aircraft leasing companies and the market has never been so fluid.
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Operating lessors will play a vital and increasingly important role in financing aircraft and weathering the aviation downturn, delegates at the 11th Annual European Airfinance Conference were told by a panel of operating lessors.
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SkyWorks' Dave Thompson leaves to becomes president of Aurora Aviation Group
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CIT closes unusual – and most expensive ever - aircraft securitization and sells notes to itself.
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Two types of banks affecting American International Group's sale of ILFC – its existing
unsecured lenders and the ones that it needs to join a new secured facility.
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January
The sale of ILFC by AIG may seem unthinkable but there are extraordinary parallels with GPA. It looks likely that a private equity firm will buy ILFC. If the sale is nsuccessful it could be the worst thing ever to hit aviation finance.
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The past 12 months were not the best of times, although aviation can largely claim its innocence in the financial catastrophe.
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Share prices for the four listed aircraft leasing companies have all fallen dramatically. The lack of easily accessible equity might seem limiting to the public lessors at this time, but they have debt.
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