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Lessor SMBC takes $1.6 billion impairment on aircraft in Russia

Lessor SMBC takes $1.6 billion impairment on aircraft in Russia

[html]DUBLIN (Reuters) – Aircraft lessor SMBC Aviation Capital on Friday recorded an impairment of $1.6 billion to cover the full financial impact of having 34...
                              

DUBLIN (Reuters) –     Aircraft lessor SMBC Aviation Capital on Friday recorded an impairment of $1.6 billion to cover the full financial impact of having 34 jets stuck in Russia after European Union sanctions that forced the termination of all Russian leases.


Irish-headquartered SMBC, which is owned by a consortium including Japan’s Sumitomo Corp and Sumitomo Mitsui Financial Group, said it expects to make substantial recoveries from its significant insurance coverage.



(Reporting by Padraic Halpin; Editing by David Goodman)


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