GA Telesis Announces Insurance Settlement in Respect of Aircraft and Engines Previously on Lease to Russian Carrier Rossiya

Author: gatelesis

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, a global leader in aerospace solutions, is renowned for its unmatched excellence in aftermarket services and lifecycle management. The GA Telesis Ecosystem™ is a vast global network spanning 54 locations in 30 countries on six continents. The company’s integrated solutions include parts and distribution services, logistics solutions, inventory management, leasing and financing, engine overhaul, and MRO services.

GA Telesis is committed to sustainability through innovative sustainability initiatives and advanced technologies, including digital transformation, and using advanced materials. The company’s aerospace systems and connected aircraft technologies drive efficiency and performance, while its MRO network and 24/7 AOG support provide unparalleled reliability.

For further information, please contact Rylan France at rfrance@gatelesis.com