The joint liquidators of the former Ireland-based subsidiary of Russian state-owned lessor, GTLK Europe have launched a sales process for five aircraft.
The five Airbus A220-300 aircraft were built in 2019, and are said to be in ‘close to full life condition’. They will be offered in ‘as is, where is’ condition for outright sale.
All five aircraft are currently based in the Netherlands and will be sold lease unencumbered. IBA is the exclusive remarketing agent for the five aircraft and is welcoming expressions of interest until 30th July 2024 with the sales process is expected to conclude by end of 2024.
The firm handling the liquidation process is Teneo Restructuring. Joint Liquidators Damien Murran and Julian Moroney, commented: “These five Airbus A220-300 aircraft are a premium offering for any interested bidders given their excellent condition and we are confident this sales process will be a successful one, adding to the positive interest we have received in other aircraft launched for sale since the start of the summer. Our ability to continue recovering assets and bring them to market reflects the progress we are making with the liquidation process, working in conjunction with regulators and operating within the sanctions regime to realise the best possible asset value for GTLKE’s creditors.”
GTLK Europe, as was the case with many other companies backed by the Russian state, ran in to trouble following the invasion of Ukraine in 2021. Since August 2023, the assets of the company’s former Irish units – said to be around $4.2 billion – have been held in trust on behalf of their non-Russian creditors. The five aircraft offered for sale by the liquidators represent a fraction of the number of planes still inside Russia.