AerCap Grabs Kingfisher Planes, Backs American Deal

The head of AerCap Holdings NV said Wednesday that it repossessed two planes from India's Kingfisher Airlines Ltd. , underscoring the challenges facing aircraft leasing companies after the collapse of as many as a dozen carriers so far this year.
Kingfisher has grounded planes and is seen by analysts as the next potential casualty of the tough industry environment that has already claimed large carriers such as Hungary's Malev and Spanair in Spain.
Aengus Kelly, AerCap's chief executive, said the company has the resources and financial strength to ride the downturn, and has already found new homes for the Kingfisher planes as well as another leased to Global Aviation Holdings Inc., the U.S.-based charter specialist that filed for bankruptcy protection earlier this year.
Kelly, talking to analysts on a post-earnings' call, said AerCap expects to improve earnings per share this year, and said it remains committed to a big leasing deal with AMR Corp., the parent of American Airlines.
22/02/12 Doug Cameron/Dow Jones Newswires/Fox Business

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Categories: Foreign Feb 2012, Kingfisher Feb 2012