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☆ Leasing giant SMBC places order for 60 Airbus A320neo planes
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

The logo of Airbus is seen at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsDUBLIN, Nov 21 (Reuters) - SMBC Aviation Capital placed an order for 60 Airbus (AIR.PA) A320neo family aircraft, the world's second largest aircraft leasing firm said on Tuesday, without disclosing the financial details of the deal. Nikkei Asia, which first reported the deal, said it was thought to be worth around $3.4 billion, based on the A320neo's market price. Boeing won new orders for 196 aircraft while Airbus agreed deals for 55 jets amid soaring demand for wide-body planes. "This transaction is further testament of sustained global demand for technologically advanced, fuel-efficient aircraft, and comes amidst the continuing strong recovery in air travel worldwide," SMBC CEO Peter Barrett said in a statement.

Persons: Sarah Meyssonnier, Peter Barrett, Padraic Halpin, Kirsten Donovan Organizations: Airbus, REUTERS, Rights, SMBC Aviation Capital, Nikkei, Boeing, Dubai Airshow, Japan's Sumitomo Corp, Sumitomo Mitsui Financial Group, Thomson Locations: Paris, Villepinte, France, Nikkei Asia

☆ Dubai Aerospace flags corrosion in plane leased to India's bankrupt Go First
▼ + stars: | 2023-09-14 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +2 min

REUTERS/Adnan Abidi/File Photo Acquire Licensing RightsNEW DELHI, Sept 14 (Reuters) - Dubai Aerospace Enterprise (DAE) Capital has told an Indian court it detected corrosion of some parts and "a greenish deposit" on a plane leased to bankrupt airline Go First, after another lessor complained about "robbed" parts. The lessors currently are only allowed an occasional inspection of the grounded Go First planes, which DAE and others claim are not being properly maintained. DAE court documents show it was worried about a lack of covers on cabin and cockpit seats "which would eventually lead to fungus formation", according to an internal e-mail contained in the filing. Indian media outlet Mint reported on Thursday that another lessor, BOC Aviation, also told the Delhi court about algae formation as the planes were not covered. Go First lessor SMBC Aviation Capital Aviation in May told an Indian court that Indian bankruptcy law, which blocks plane repossession, will jolt the market and spark a confidence crisis.

Persons: Adnan Abidi, DAE, Arpan Chaturvedi, Aditya Kalra Organizations: REUTERS, Dubai Aerospace Enterprise, Go, ACG Aircraft Leasing, BOC Aviation, SMBC Aviation Capital Aviation, Thomson Locations: New Delhi, India, DELHI, Delhi

☆ SMBC agrees $3.7 bln deal for 25 Boeing 737 MAX jets
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

DUBLIN, Sept 12 (Reuters) - Global leasing giant SMBC Aviation Capital said on Tuesday it had concluded an order for 25 Boeing (BA.N) 737 MAX aircraft in a deal worth more than $3.7 billion at current list prices that would support its growth plans and meet customer demand. SMBC, the world's second largest aircraft leasing firm, said the new planes are scheduled for delivery in 2028 and 2029 and will increase its orders of Boeing's more fuel-efficient MAX jets to 81 aircraft. "Our customers have demonstrated clear long-term demand for the 737 MAX and our expanded order pipeline positions SMBC Aviation Capital for future growth against the background of a strong global recovery in air travel," SMBC CEO Peter Barrett said in a statement. The Irish-based lessor, which is owned by a consortium including Japan's Sumitomo Corp (8053.T) and Sumitomo Mitsui Financial Group , currently owns or manages 65 MAX aircraft, out of a total portfolio of 711 planes. Boeing said last week that it is set to meet targets to deliver at least 400 narrowbody 737s this year despite a recently discovered production flaw that has slowed deliveries of the best-selling 737 MAX.

Persons: Peter Barrett, Padraic Halpin, Jason Neely Organizations: DUBLIN, Global, SMBC Aviation Capital, Boeing, Japan's Sumitomo Corp, Sumitomo Mitsui Financial Group, Thomson

Go First has been locked in legal disputes with many of its foreign lessors since being granted bankruptcy protection in India in May. Bankruptcy froze its assets and has prohibited the recovery of more than 50 grounded Airbus (AIR.PA) planes. Go First, whose lessors also include Standard Chartered's Pembroke Aircraft Leasing, SMBC Aviation and BOC Aviation, did not respond to a request for comment. The world's second-largest aircraft lessor, SMBC, warned in May that India's decision to block leasing firms from reclaiming Go planes would jolt the market and spark a confidence crisis. Reporting by Aditi Shah and Arpan Chaturvedi in New Delhi; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Adnan Abidi, ACG, lessors, Aditi Shah, Arpan Chaturvedi, Simon Cameron, Moore Organizations: REUTERS, Go, Airbus, Court, Reuters, ACG Aircraft Leasing, Bankruptcy, Pembroke Aircraft Leasing, SMBC Aviation, BOC Aviation, Thomson Locations: New Delhi, India, DELHI, Ireland, Delhi

☆ Lessor AerCap agrees settlement over Aeroflot jets stranded in Russia
▼ + stars: | 2023-09-06 | by ( Conor Humphries | ) www.reuters.com time to read: +4 min

Before last year's invasion of Ukraine, Russia was a major market for aircraft lessors, which bought jets from Boeing (BA.N) and Airbus (AIR.PA) and leased them to Russian airlines. Aeroflot said in a statement that ownership of 18 aircraft and five engines had transferred to NSK following settlement with AerCap. AerCap filed a $3.5 billion London lawsuit last year against AIG and Lloyd's over 141 aircraft and 29 aircraft engines it owned that were on lease to Russian airlines. AerCap said settlement discussions were ongoing with respect to claims under the insurance policies of several other Russian airlines. AerCap in March said it had been approached by Russian airlines and their insurance companies about possible settlements for the stranded planes.

Persons: BOE, Denis Balibouse, AerCap, lessors, Conor Humphries, Gleb Stolyarov, Kirstin Ridley, Jason Neely, David Evans, Peter Graff Organizations: Airbus, Russian, Aeroflot, REUTERS, DUBLIN, NSK, Rossiya, Boeing, U.S . Treasury, Commerce, AIG, SMBC Aviation, Reuters, Thomson Locations: Geneva, Switzerland, Russia, Ukraine, Ireland, Moscow, NSK, AerCap, EU

The lessors have so far unsuccessfully argued in Indian courts to get their planes back, citing concerns that parts could go missing and hurt their assets. In a non-public filing dated July 28 and reviewed by Reuters, ACG submitted pictures and details to the Delhi High Court, listing missing parts from two Airbus A320 planes it inspected. These included the captain's "side stick" used to fly the aircraft, a tiller that helps steer it while on the ground, engine fan blades that were "completely missing", a partly missing toilet seat and an escape slide that had been removed. The filing does not say who took out the parts or how they went missing. Go First, whose lessors also include Standard Chartered's Pembroke Aircraft Leasing, SMBC Aviation and BOC Aviation, did not respond to a request for comment.

Persons: Adnan Abidi, ACG, Pratt, Aditi Shah, Aditya Kalra, William Mallard Organizations: REUTERS, NEW, Go, ACG Aircraft Leasing, Bankruptcy, Reuters, Court, Airbus, Pembroke Aircraft Leasing, SMBC Aviation, BOC Aviation, Raytheon, Whitney, Thomson Locations: New Delhi, India, NEW DELHI, Ireland, Delhi, U.S

☆ Aircraft lessors set for June 2024 trial over Russia insurance claims
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File photoDUBLIN, July 31 (Reuters) - Some of the world's largest aircraft lessors and insurers are aiming to be ready to go to trial in June 2024 over contested insurance claims for aircraft stuck in Russia, a lawyer for one of the lessors said on Monday. Those steps include finding a venue large enough for the 180 attendees Smith said were expected at the trial each day. Justice Denis McDonald told a packed hearing last month that no court in Ireland was large enough to hear the case. The world's biggest aircraft lessor, Irish-based AerCap (AER.N), is pursuing its insurance claims through London's High Court. AerCap's Chief Financial Officer said on Monday that it continued to have discussions with Russian insurers on a potential settlement regarding some of its aircraft stranded in Russia.

Persons: Dado Ruvic, Lessors, Kelley Smith, Avolon, Smith, Denis McDonald, we're, Peter Juhas, Padraic Halpin, Mark Potter Organizations: SMBC Aviation, REUTERS, BOC Aviation, HK, CDB Aviation, Nordic Aviation Capital, Carlyle Aviation Partners, world's, Thomson Locations: Russian, DUBLIN, Russia, Ukraine, Ireland, London's

NEW DELHI, May 30 (Reuters) - India's aviation watchdog has put on hold requests from lessors to repossess planes from Go First, as the airline's bankruptcy process imposes a freeze on assets which supersedes such requests, the regulator said in a court filing seen by Reuters. Lessors of Go First have locked horns with Go First and India's Directorate General of Civil Aviation (DGCA) to reclaim its planes for missed payments, filing as many as 40 requests with the watchdog to allow repossession. Go First's lessors include Standard Chartered's Pembroke Aircraft Leasing, SMBC, CDB Aviation's GY Aviation Leasing and BOC Aviation. India has ratified the treaty but the DGCA argued there was no local legislation enforcing it, rendering it ineffective. The DGCA filing said local laws "prevail over provisions of any international treaty that India is a signatory to".

☆ India appeals tribunal upholds Go First bankruptcy in setback for lessors
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, May 22 (Reuters) - An Indian appeals tribunal on Monday upheld insolvency proceedings against cash-strapped airline Go First, making it tougher for its lessors to repossess their aircraft. At least three leasing companies, including GY Aviation Lease and SMBC Aviation Capital, had challenged a tribunal ruling granting Go Airlines (India), widely known as Go First, bankruptcy protection earlier this month. The appeals tribunal said on Monday the National Company Law Tribunal will decide whether lessors who terminated their leases before the bankruptcy proceedings began can repossess their aircraft. Go First Chairman Varun Berry did not immediately respond to a Reuters request for comment. Reporting by Arpan Chaturvedi and Tanvi Mehta Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ India’s airline turbulence will be felt abroad
▼ + stars: | 2023-05-17 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

India’s Go First has gone into bankruptcy – the country’s second airline to do so since 2019. Its subsequent public and messy spat with engine suppliers and lessors will have ripple effects across the industry and abroad. Go, the country’s third largest airline with a 7% market share, blames Raytheon Technologies-backed (RTX.N) Pratt & Whitney’s “faulty” engines. A global industry association, Aviation Working Group, has put India on a watchlist for violating global conventions on repossession of airplanes. The trouble at Go may not put them off but it promises some extra turbulence ahead.

In granting bankruptcy protection, the National Company Law Tribunal in New Delhi ordered a moratorium on Go First's assets and leases. But bankruptcy protection supersede lessors' repossession requests. Go First's lessors also include SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Its voluntary seeking of bankruptcy protection to renegotiate contracts and debt marks a first for an Indian airline, and Chief Executive Officer Kaushik Khona, who was present as the order was read, hailed the tribunal's decision as "historic". The Indian tribunal said the new resolution professional will take "all necessary steps including the execution of the arbitral award".

This is the first time an Indian airline has voluntarily sought bankruptcy protection to renegotiate contracts and debt. But if bankruptcy protection is granted, those laws supersede lessors' repossession requests. Go First's lessors include major global names such as Jackson Square Aviation, SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Two advisers to some lessors said there were major concerns that the granting of bankruptcy protection for Go First could force the lessors to embark on lengthy litigation to repossess planes. The person added that the development could lead to higher lease rates for Indian airlines in the future.

India has made it easier for lessors to take back planes if airlines default on payments after joining an international treaty known as the Cape Town Convention. But lack of a proper legislation to enforce the treaty means India's bankruptcy law will supersede lessors' repossession requests, lawyers said. Go First's lessors include major global names such as Jackson Square Aviation, SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Bigger rivals IndiGo (INGL.NS) and Tata Group's Air India are charting major expansion plans with hundreds of new planes on order as domestic air travel in India surpasses pre-pandemic levels. Air India did not immediately respond.

The cash-strapped airline wants the tribunal to accept its plea and is seeking an interim moratorium to save its assets, a move the lessors oppose. Go First did not immediately respond to a request for comment on the lessors' bid to deregister the planes. Engine failures have cost the airline 108 billion rupees ($1.3 billion) in lost revenue and expenses, it said. Amid the dispute between the lessors and the troubled airline, banks with exposure to it are awaiting the tribunal's decision to decide their next course of action, two people involved in the talks told Reuters. The company owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed, and had not defaulted on any of those dues by the end of April.

Russian airlines continue to operate many of the jets, but some have struggled to secure replacement parts. AerCap (AER.N), SMBC Aviation Capital and Avolon, the world's largest lessors, declined to comment on whether they were involved in talks on payment for jets from Russian airlines or their insurers. RUSSIAN STATE FUNDSRussian state backing for the talks was demonstrated in an Aug. 30 letter from its Transport Ministry to 23 airlines. That was "considerably less than the aggregate Agreed Values" for the aircraft, SMBC said in the letter. But one Western finance official said any deal would face major legal and diplomatic hurdles and talks may be premature.

☆ Aircraft lessor SMBC completes $6.7 bln purchase of rival Goshawk
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: 1 min

DUBLIN, Dec 21 (Reuters) - SMBC Aviation Capital has completed its purchase of smaller rival Goshawk Aviation in a deal that creates the world's second largest aircraft lessor by number of aircraft, SMBC said on Wednesday. The purchase of Goshawk for an enterprise value of $6.7 billion was announced in May. It creates a lessor with a portfolio of 700 owned and managed aircraft with orders from Boeing (BA.N) and Airbus (AIR.PA) for 240 more, SMBC said. Writing by Conor Humphries Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Aircraft lessors sue insurers for $8 billion over trapped Russian planes
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +4 min

LONDON, Nov 30 (Reuters) - Aircraft leasing firms are suing dozens of insurers for around $8 billion in a string of lawsuits over the loss of hundreds of aircraft stuck in Russia since Moscow's invasion of Ukraine. Lessors argue the aircraft are covered by policies against war or theft, but insurers point out the planes are undamaged and might yet be returned. Here is a list of claims filed against insurers in London, Dublin and the United States, with the most recent filing listed first. SMBC AVIATION CAPITAL VS LLOYD'S OF LONDONSMBC filed a claim against Lloyd's of London (SOLYD.UL) in the Irish High Court on Nov 28. BOC AVIATION VS 16 INSURERSBOC Aviation has begun legal action against 16 insurers, according to an Irish High Court filing on Nov 3.

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