Mortgagee sales: a tale of duties, desires, conspiracies and wilful neglect - .PDF file.
This was a typical aircraft financing that involved a complex series of related transactions, but the basic facts can be shortly stated. GECAS and PK were members of the same group of companies. PK had financed various aircraft which where owned by various entities in a Russian group NRC.
There was a default in the sums due to PK. PK enforced its security over the aircraft eventually selling to a GECAS entity. GECAS had a prospective new lessee in Jet Blue a potentially valuable new customer for GECAS. NRC said they lost $11m (£7m) as a result…
If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.