Sat, Dec 23, 2023
Airbuses Leased to Rossiya Airlines Result in Settlement
Imagined post-sanction aircraft transference cases in Russia may not be as exciting as hoped by the laymen, if a recent insurance settlement is any indication.
Theft-by-conversion may not be an accurate description of what many expected to happen to leased and stranded aircraft in Russia, but GA Telesis may be a poster child for how a company is made whole again. A pair of GA Telesis Airbuses were leased to Rossiya Airlines, an Aeroflot carrier when the war in Ukraine broke out in February 2022. As such, the ensuing sanctions cut off the flow of funds, parts, support, and even aircraft between Russia and the assorted Western nations. GA Telesis, looking to do right by their shareholders, opted to claim the 'loss' of its aircraft on insurance. The planes leased to Russian carriers were quickly turned into bartering chips of some type, with local authorities apparently allowing operators of leased planes to convert their ownership into domestically held Russian aircraft, effectively turning their rentals into their own property at the rock-bottom price of (basically) free. At least, that was the impression given to the average news watcher in 2022. In
practice, things seem to move much more methodically, thanks to the immense value of the aircraft and their multi-layered insurance coverage. Telesis appears to have been made whole, whatever happened, however, with an announcement telling investors that the firm had "received cash insurance settlement proceeds in full settlement of its insurance claims".
It got a payout through "one of its affiliated entities", covering 2 narrowbody Airbus aircraft and their installed aircraft engines. They were clear that they received their insurance settlement proceeds from "Insurance Company NSK", a Russian operation. That firm paid out, and GA Telesis released its claims against NSK, Aeroflot, Rossiya, and their international reinsurers. The settlements and receipt of the funds "were approved by the United States Department of the Treasury and are consistent with other applicable sanctions regimes."
"Despite challenges in the aviation environment," the company said. "This settlement reflects GA Telesis' tireless and ongoing efforts to recover value for its stakeholders."
"GA Telesis formally expressed its gratitude to the relevant agencies within the United States Government, European and Irish authorities for providing the necessary approvals to consummate the settlement and for the collaborative efforts of all parties involved as it looks towards continuing its Ecosystem's mission of providing innovative and reliable solutions in the aviation sector."
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