GA Telesis Announces Insurance Settlement in Respect of Aircraft and Engines Previously on Lease to Russian Carrier Rossiya
GA Telesis Announces Insurance Settlement in Respect of Aircraft and
Engines Previously on Lease to Russian Carrier Rossiya
December 21, 2023 – Dublin, Ireland – GA Telesis, LLC (“GA Telesis or the Company”), through one of its affiliated entities, received cash insurance settlement proceeds in full settlement of its insurance claims in respect of two (2) Airbus single-aisle aircraft (the “Aircraft”) that were on lease at the time of conflict within Ukraine in February 2022 to Russian flag carrier, Joint Stock Company Rossiya Airlines (“Rossiya”), a member of Aeroflot Group (“Aeroflot”). Effective upon receipt of the insurance settlement proceeds from Limited Liability Company “Insurance Company NSK” (“NSK”), a Russian insurance company, the Company released its claims against NSK, Aeroflot, Rossiya, and their international reinsurers with respect to the Aircraft and their installed aircraft engines. The insurance settlements and receipt of the settlement proceeds were approved by the United States Department of the Treasury and are consistent with other applicable sanctions regimes.
Despite challenges in the aviation environment, 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.
About GA Telesis
GA Telesis is the leading provider of integrated services in the commercial aviation industry. Through the GA Telesis Ecosystem™, the Company is distinctly positioned, across six continents, to leverage its resources to create innovative solutions for its customers. Consisting of global operations encompassing leasing/financing, component solutions, and MRO Services business units for landing gear, component/composite, and turbine engine repair, as well as digital solutions, the GA Telesis Ecosystem™ provides an unparalleled resource to airlines. The Company’s core business is its mission to ensure “Customer Success,” built from a reputation for unsurpassed excellence and integrity.
For further information, please contact Rylan France at Rfrance@gatelesis.com.