ILFC co-founder Udvar-Hazy to buy back firm from AIG
19 Sep 2008
Los Angeles-based billionaire Steven Udvar-Hazy is seeking to raise cash to buy International Lease Finance Corporation (ILFC) from AIG. ILFC is the world's biggest lessor of aircraft by value, though rival, General Electric's GECAS unit, has more aircraft. Udvar-Hazy is the chief executive of ILFC.
ILFC leases around 1,000 Boeing and Airbus aircraft to airlines worldwide.
The deal is being looked at with considerable interest by the aerospace industry as orders for hundreds of new aircraft over the next decade may depend on the deal materializing.
Threatened with bankruptcy, American International Group (AIG) was bailed out earlier in the week by the US government with an $85 billion, two-year loan. However, the insurer's precarious financial condition may severely impair ILFC's ability to place significant new aircraft orders.
Udvar-Hazy co-founded ILFC in 1973, selling it to AIG in 1990.
