Teneo Restructuring Ireland, the appointed liquidators for GTLK Europe DAC and GTLK Europe Capital DAC, formerly Irish special-purpose vehicles (SPVs) of the Russian state-owned lessor GTLK – State Transport Leasing, have announced the sale of three Airbus A319-100 aircraft. These aircraft, previously operated by easyJet UK and stationed at London Luton, are now available for purchase.
The aircraft, identified likely as msn 4385, 4425, and 4444, are currently parked at Madrid Barajas and Larnaca airports. They are offered for sale on an “as is, where is” basis, with bids accepted until July 15, 2024. The sale is expected to conclude by November 2024, as outlined by the IBA Group, the exclusive remarketing agent handling the sale.
This sale follows the Irish government’s 2022 sanctions on Russian aviation assets, which led to the seizure of the GTLK aircraft. After extensive legal battles, the Irish High Court ruled in August 2023 that the assets must be sold under trust to benefit creditors. Out of 37 aircraft owned by the SPVs, some remain leased to Russian airlines. The transfer of these leased aircraft to Russian entities continues to be legal, provided they are unlikely to be repossessed. Despite a Russian court ruling against the SPV liquidations, it has not affected the ongoing sale process in Ireland.
