Business

Airline charter to deduct $802M in fees for remaining jets in Russia (NYSE: AL)

Rows of aircraft fuselages on the runway at the airport

FangXiaNuo / iStock via Getty Images

Airline Leasing (NYSE:AL) -4.9% post-market after Friday’s reveal, it will remove the value of 27 jets currently stuck in Russia, which they expect will lead to $802.4 million fees.

“It is unlikely that the company will regain ownership of the plane that has not been returned and is still in Russia,” Air Lease (AL) said in a statement. Form 8-KILLION Issued after the stock market closes.

The company does not expect the write-offs to result in significant cash outflows in the future, and it said it is pursuing insurance claims to recover the losses.

The write-off, which includes 21 corporate-owned jets and six planes in the company-managed fleet, will be reflected in Q1 earnings.

Earlier this month, Air Lease (AL) expanded its portfolio with order 32 more Boeing 737-8 and 737-9 jets.

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