Joint liquidators of the Russian-linked leasing firm GTLK Europe have sold three Boeing 777-300ERs to MTU’s Amsterdam-based leasing company.
The airframes are set to be broken up for parts and materials while the engines – GE Aerospace GE90 powerplants – are in “full-life condition” and will be leased out, liquidator Teneo Restructuring Ireland states.
Two of the 777-300ERs are located in the USA and one in Spain.
Irish-based GTLK Europe, along with the associated GTLK Europe Capital, were forced into liquidation after international sanctions were imposed on the Russian aerospace industry. GTLK is a Russian state leasing firm.
Sale processes for the 777s commenced in September last year after recognition of the Irish liquidation proceedings under US Chapter 15 bankruptcy rules governing cross-border insolvency situations.
This enabled the Irish court-appointed liquidators to be recognised by US bankruptcy courts, allowing the US-based aircraft to be unblocked.
“Securing Chapter 15 recognition…was essential to facilitating the sale of these aircraft within the relevant legal and sanctions frameworks, enabling the delivery of strong returns for creditors,” state joint liquidators Damien Murran and Julian Moroney.
All six GE90 engines will be redeployed, it adds, providing increased powerplant availability. The identity of the airframes has not been disclosed.
IBA was the exclusive remarketing agent for the transaction, acting on behalf of the joint liquidators.
