SMBC Aviation Capital leasing company, based out of Dublin’s IFSC, has received a cash insurance settlement totalling US$710m for aircraft previously leased to Aeroflot, the Russian airline. The settlement covers sixteen aircraft and associated engines, with an additional settlement for one managed aircraft.
The insurance settlement and receipt of the settlement proceeds were conducted in full compliance with applicable laws, sanctions, and regulations. The transactions were approved by the US Department of Commerce and the US Department of the Treasury.
SMBC Aviation Capital intends to continue its litigation in the Irish courts under its insurance policies. The company will also work on mitigating its losses related to aircraft previously leased to other Russian airlines.
