Le DG des opérations d'Airbus intéressé par ILFC - Presse
jeudi 15 octobre 2009 07h53
PARIS, 15 octobre (Reuters) - Le directeur général des opérations d'Airbus (EAD.PA: Cotation), John Leahy, et Jean-Paul Gut, ancien directeur général délégué d'EADS, sont intéressés par le rachat, avec des fonds qataris, de ILFC, la filiale de location d'avions que l'assureur américain AIG (AIG.N: Cotation) cherche à céder, rapporte La Tribune dans son édition de jeudi.
"Jean-Paul Gut (...) et John Leahy regarderaient le dossier avec l'appui de fonds d'investissements qataris", note le quotidien citant des sources "concordantes", sans plus de précisions.

Selon Reuters, AIG est en discussion avec Steven Udvar-Hazy, directeur général de la filiale d'AIG International Lease Financial Corp, associé à un consortium comprenant les fonds Onex Corp (OCX.TO: Cotation) et Greenbriar Equity, pour la cession d'une partie de ILFC [ID:nN12145242].

Udvar-Hazy retires from ILFC
By Scott Hamilton

Steven Udvar-Hazy, co-founder of International Lease Finance Corporation (ILFC) and one of the most powerful voices in commercial aviation, retired on 5 February after more than 27 years in the leasing business.

ILFC President John Plueger will succeed Udvar-Hazy as acting CEO. The ILFC Board is considering what to do on a long-term basis.

His departure from ILFC has been expected since the mega-lessor was plunged into a financial morass because of the massive scandal at its parent, AIG.

When the US government bailed out AIG and assumed control of 80% of the stock, ILFC effectively became a ward of the state, relying on federal funds to meet debt obligations. Financing airplanes fell to reliance on the ECA for Airbus and ExIm for Boeing airplanes. The ECA imposed humiliating conditions that segregated lease payments and maintenance reserves into restricted accounts.

Hazy tried to put together a deal that would enable him to purchase about 10% of the ILFC portfolio. The long effort came to naught late last year when his bid was rejected.

"On behalf of AIG, I would like to thank Steve for his tireless service to ILFC," said Robert Benmosche, AIG President and Chief Executive Officer. "We are grateful for the work he has done to continue ILFC's leadership in the industry."

In a press release, IFLC said Douglas Steenland, former president and chief executive officer of Northwest Airlines, who became ILFC's non-executive chairman in December, will continue as non-executive chairman. Steenland joined the ILFC board in September and is a member of the AIG board.

ILFC A380 deliveries pushed back by one year
By David Kaminski-Morrow

US lessor International Lease Finance (ILFC) has pushed back by one year the deliveries of its Airbus A380 aircraft.

The leasing giant has 10 of the double-deck aircraft on order.

It was originally scheduled to take the first five in 2013, with another three in 2014 and the remaining pair arriving in 2015.

But in its latest year-end regulatory filing the lessor states that, subsequent to 31 December 2009, its A380 order was deferred.

"We delayed the deliveries of the A380s, each by one year," it says. It has not given a specific reason for the decision.

The aircraft had been subject to a cancellation option up to 30 June this year, but ILFC says that this deadline has been extended by six months to 31 December.

ILFC has agreed to fit four of its A380s with Engine Alliance GP7200 engines but the powerplants for the other six remain undecided.

Less than a year ago the lessor's then-chief, Steven Udvar-Hazy, reportedly admitted to doubts over the future of the company's A380 order.

ILFC remains the only leasing company with the A380 in its backlog. It originally planned to take five freighters as part of the order for 10, but switched them to passenger airframes in 2006.

International Lease Finance Corp. says it is currently evaluating concrete proposals for aircraft sales, and also reports new delays in plans to take its Airbus A380s.

The A380 changes, which have come this year, mean the first of the mega-transports are not due for handover until 2014 – a year later than expected only a few months ago — when five are to be delivered. The three A380s that were to be handed over in 2014 should now follow in 2015, with the remaining two coming in 2016 rather than 2015. The change in schedule was requested by the lessor and not attributable to Airbus.

On the Boeing front, ILFC says it remains in talks with the aircraft maker over 787 delays. ILFC has cancellation options, but so far none of those has been taken up. It has customers for 29 of the 74 787s on order, but also notes that the insolvency of Globespan Airways means two of the 787s that were spoken for now have to be reallocated.

What’s more, ILFC has adjusted the delivery plan for 787s, with several handovers to come later. Deliveries are of the Boeing twin-widebody to ILFC are to start in July 2012, with four aircraft to be handed over that year. However, delivery plans in 2013 and 2014 have been curtailed and handovers shifted to 2015/16.

The lessor is looking to dispose of aircraft to meet its heavy debt payment requirement, which includes obligations of more than $6.6 billion this year alone. The disposals could amount to up to $3.5 billion, but will likely mean some aircraft are sold at a loss.

Overall, ILFC reported rental income increases of 7.6%, although it also acknowledges lease rates have come down. However, the decline has slowed. At yearend, ILFC had eight aircraft in its portfolio that had not been leased, but seven of those have since been placed.

Australia's Macquarie Group has agreed to buy 53 aircraft from International Lease Finance Corporation (ILFC) for $1.99 billion.

Subsidiary Macquarie Bank will buy 47 of the 53 aircraft for $1.67 billion, funding it through existing cash reserves. Macquarie Bank will also transfer to Macquarie AirFinance, an aircraft leasing company in which Macquarie has a 37.5% stake, its right to purchase six of the 53 aircraft directly from ILFC on similar terms.

The transaction will be completed over the remaining months of 2010, says Macquarie.

It adds that the 47 aircraft have an average age of less than four years, and are on lease to 35 airlines in 27 countries for an average remaining term of more than five years. Boeing 737 and Airbus A320 family aircraft make up more than 70% of the portfolio, and the rest are in-production widebodies.

"The acquisition builds on Macquarie's existing leasing business in the aircraft sector and Macquarie's substantial experience in the leasing of assets," says the company.

Macquarie's CFO Greg Ward adds: "This transaction leverages Macquarie's existing expertise in asset leasing, demonstrates the strength of our aircraft management capabilities and diversifies the client base of our aircraft fleet."

The Macquarie aircraft leasing business include subsidiary Macquarie Asset Leasing Trust, which was established in 2005 and owns nine aircraft on lease to a major Australian airline. Macquarie AirFinance owns or manages 124 aircraft leased to 57 operators in 30 countries.

Over the last two months, ILFC has completed a series of financial transactions that yielded $4 billion to help it pay down debt.

The sale will reduce the average age of the remaining fleet to 7.6 years from 7.4 years. The aggregate net book value of its aircraft portfolio, at 13 April, is $2.3 billion, says ILFC.