India’s High Court Supports Departure of ILFC’s First Aircraft

Mon Mar 25, 2013 11:20am EDT

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A Step In The Right Direction
LOS ANGELES--(Business Wire)--
International Lease Finance Corporation (ILFC), a wholly owned subsidiary of
American International Group, Inc. (NYSE: AIG), announced today the successful
removal of its A321 aircraft from India following Delhi`s High Court decision on
March 15, 2013. 

This first aircraft's departure demonstrates the High Court's pragmatic approach
in an environment that is perceived as hostile by many foreign investors. This
decision marks a first step in the right direction, and adheres to the
principles denoted in the Cape Town treaty (ratified by India in 2008) and
international best aviation practices. Based on media reports, this decision is
in line with the policy change expected to be made by the Indian government in
short order. 

"This decision is a much anticipated development in ILFC`s efforts to recover
our aircraft and engines," said ILFC Chief Executive Officer Henri Courpron. "We
commend India`s High Court for taking a firm stance which we hope will prompt
the publication of the much awaited policy revision. It is not too late for
India to reverse the current negative perception prevailing within the
international finance forum. A comprehensive change in the current policy
permitting ILFC`s assets to be removed from India without any restrictions will
be considered a positive and much needed step towards reform. This policy is
expected to bring much relief to India`s aviation sector by safeguarding Indian
airlines` continued ability to obtain needed affordable aircraft financing." 

About ILFC

International Lease Finance Corporation (ILFC) is a global market leader in the
leasing and remarketing of commercial aircraft. With approximately 1,000 owned
and managed aircraft and commitments to purchase 244 new high-demand,
fuel-efficient aircraft and rights to purchase an additional 50 A320neo family
aircraft, ILFC is the world's largest independent aircraft lessor. ILFC leases
aircraft to approximately 200 airlines in more than 80 countries and provides
part-out and engine leasing services through its subsidiary, AeroTurbine. ILFC
operates from offices in Los Angeles, Amsterdam, Beijing, Dublin, Miami,
Seattle, and Singapore. ILFC is a wholly owned subsidiary of American
International Group, Inc. (AIG). www.ilfc.com | Twitter: @ILFCGlobal 

About AIG

AIG is the world`s largest insurance organization, serving more than 88 million
customers in more than 130 countries and jurisdictions around the world. AIG
businesses are market leaders in property casualty insurance, life insurance and
retirement services, mortgage insurance, and aircraft leasing. Additional
information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig
| Twitter: @AIG_LatestNews | LinkedIn: www.linkedin.com/company/aig

International Lease Finance Corporation
Paul Thibeau, +1 310 788 1999
pthibeau@ilfc.com

Copyright Business Wire 2013

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