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AIG seeks £7.8bn in aircraft leasing sale
Robert Lea6 Jan 2009
The airline leasing company that oils the wheels of the global aviation industry is up for sale in an increasingly desperate attempt by its parent AIG to raise up to $10 billion (£6.8 billion).
ILFC — International Lease Finance Corporation — was the pioneer of aircraft leasing in the 1970s, and remains one of the world's most important intermediaries for airlines to build their fleets.
ILFC leases out all of the most important aircraft models made by Boeing and Airbus and its customers in Europe include most of the continent's flag carriers. In the UK, Virgin Atlantic and bmi use ILFC, as do package holiday firms ThomsonFly and Thomas Cook Airlines.
ILFC was put up for sale by AIG after what was the world's biggest insurance company had to be bailed out by the US Government.
Now AIG has brought in veteran Wall Street dealmaker Ken Moelis to smooth the bidding process. The business is up for sale with a price tag of between $8 billion and $10 billion.
