Home News Business News
Tycoon to buy air firm from AIG
Sep 19 2008 by Bill Gleeson, Liverpool Daily Post
ONE of Airbus’s biggest customers may be bought from troubled US insurance conglomerate American International Group.
Los Angeles-based billionaire Steven Udvar-Hazy is seeking finance to buy International Lease Finance Corporation (ILFC) from AIG.
Mr Udvar-Hazy is chief executive of ILFC which leases around 1,000 Airbus and Boeing jets to airlines, high rollers and movie stars. He co-founded ILFC in 1973, selling it to AIG in 1990.
Orders for hundreds of new aircraft over the next decade – and the jobs of some of the staff at Airbus’ wingmaking plant at Broughton, near Chester – could ride on the deal’s success.
AIG was threatened with bankruptcy until the US government bailed it out on Tuesday with a £47bn, two-year loan, but there are fears the move may severely restrict ILFC’s ability to place significant new aircraft orders.
If current orders from ILFC or other large customers do slacken off, Airbus will be cushioned by a huge backlog of orders for thousands of aircraft .
Site Tools
Copyright and Trade Mark Notice © 2009 owned by or licensed to Trinity Mirror North West & North Wales Limited. Liverpool Daily Post™ is a trade mark of Trinity Mirror North West & North Wales Limited. Please read our Terms and Conditions and Privacy Statement before using this site.