Avolon, one of the world's largest aircraft lessors, has settled a lawsuit against insurers for over $300 million in losses incurred when Russian airlines seized its planes following the Ukraine war. The Dublin-based company had supplied 14 aircraft to Russian carriers but was only able to recover four. Avolon recorded a $304 million impairment in 2022 when it wrote down the value of 10 aircraft to zero.
, one of the largest aircraft lessors in the world, has settled a lawsuit against insurers after suffering more than $300 million of losses when a number of its planes were seized by Russian airlines following the country’s
“We cannot comment on any financial impact as we are in a closed period in advance of publishing our full-year 2024 results on 13 February.” A parallel case has also been going on in London’s High Court, involving parties such as Dublin-based AerCap, the world’s largest aircraft lessor, which lost 116 planes and 23 engines as a result of the war.
The plaintiffs said at the outset of the trial that when the Russians invaded Ukraine on February 24th, 2022, the aircraft were subject to aircraft lease agreements with Russian airlines.
AIRCRAFT LEASING RUSSIA-UKRAINE WAR INSURANCE LEGAL BATTLE AVIATION INDUSTRY
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