International Lease Finance Corporation (ILFC), a wholly owned subsidiary of American International Group, Inc. (NYSE: AIG), announced today the successful removal of its A321 aircraft from India following Delhi’s High Court decision on March 15, 2013.
This first aircraft's departure demonstrates the High Court's pragmatic approach in an environment that is perceived as hostile by many foreign investors. This decision marks a first step in the right direction, and adheres to the principles denoted in the Cape Town treaty (ratified by India in 2008) and international best aviation practices. Based on media reports, this decision is in line with the policy change expected to be made by the Indian government in short order.
“This decision is a much anticipated development in ILFC’s efforts to recover our aircraft and engines,” said ILFC Chief Executive Officer Henri Courpron. “We commend India’s High Court for taking a firm stance which we hope will prompt the publication of the much awaited policy revision. It is not too late for India to reverse the current negative perception prevailing within the international finance forum. A comprehensive change in the current policy permitting ILFC’s assets to be removed from India without any restrictions will be considered a positive and much needed step towards reform. This policy is expected to bring much relief to India’s aviation sector by safeguarding Indian airlines’ continued ability to obtain needed affordable aircraft financing."
About ILFCInternational Lease Finance Corporation (ILFC) is a global market leader in the leasing and remarketing of commercial aircraft. With approximately 1,000 owned and managed aircraft and commitments to purchase 244 new high-demand, fuel-efficient aircraft and rights to purchase an additional 50 A320neo family aircraft, ILFC is the world's largest independent aircraft lessor. ILFC leases aircraft to approximately 200 airlines in more than 80 countries and provides part-out and engine leasing services through its subsidiary, AeroTurbine. ILFC operates from offices in Los Angeles, Amsterdam, Beijing, Dublin, Miami, Seattle, and Singapore. ILFC is a wholly owned subsidiary of American International Group, Inc. (AIG). www.ilfc.com | Twitter: @ILFCGlobal About AIG AIG is the world’s largest insurance organization, serving more than 88 million customers in more than 130 countries and jurisdictions around the world. AIG businesses are market leaders in property casualty insurance, life insurance and retirement services, mortgage insurance, and aircraft leasing. Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIG_LatestNews | LinkedIn: www.linkedin.com/company/aig
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