December 8, 2012 |
Insurance giant American International Group Inc. is in talks to sell a 90% stake in its Century City aircraft-leasing company to Chinese investors. AIG revealed in a statement Friday that talks to sell International Lease Finance Corp. were underway. The New York insurance company has been trying to unload the unit since 2008, when AIG nearly collapsed and was forced to go under government control. The leasing company, better known as ILFC, buys aircraft and rents them to airlines for a fixed period.
May 20, 2010 |
American International Group Inc. has tapped a former top Airbus official to take the helm of its Century City-based aircraft leasing business, which in recent months has been devastated by executive defections. The insurance giant said Wednesday that it had appointed Henri Courpron president and chief executive of International Lease Finance Corp., one of the world's largest aircraft leasing companies with a fleet of nearly 1,000 commercial jets. The appointment of the longtime Airbus executive was seen as a way to bring some stability to the business, which has been rocked by several-high profile resignations.
January 26, 2010 |
Steven Udvar-Hazy has been succeeded as chairman of International Lease Finance Corp., a move that analysts said eliminates a potential conflict of interest in his bid to buy back a portion of the aircraft leasing business that he co-founded and grew into one of the world's largest. Udvar-Hazy, who retains the title of chief executive, was quietly succeeded as chairman by Douglas Steenland, former president and chief executive of Northwest Airlines. ILFC did not announce the move, which took place last month.
January 4, 2010 |
A New York aviation services company has offered to buy International Lease Finance Corp. in Century City for more than $12 billion in a deal that would sever the aircraft leasing firm's ties to the nation's biggest government bailout. But ILFC parent company American International Group Inc., the insurance giant that received $182.5 billion in bailout money from the federal government, has refused to respond to or even comment on the offer. "We have support all over the country, but for some reason we can't get a response from AIG," said Robert Rose, president of Allied Aviation Services Inc., one of the nation's largest providers of fuel for commercial aircraft.
October 20, 2009 |
Since its near-collapse, American International Group Inc. has been selling all kinds of assets -- but it apparently doesn't want to part with its Century City-based aircraft leasing company. On Monday, the troubled insurance giant disclosed that it lent the unit, International Lease Finance Corp., $2 billion to pay off debt that was due last week. It marked the second time that AIG pumped federal bailout money into ILFC, signaling that AIG and the federal government want to keep the unit -- at least in the short term.
September 15, 2009 |
If you've flown on a commercial airliner over the last two decades, there's a good chance you were in a plane leased from Steven Udvar-Hazy. The Hungarian refugee, who came to America as a child in 1958 with little more than a love for aviation, is now one of the richest men in Los Angeles. He amassed his estimated $2.2-billion fortune by building up a global aircraft-leasing empire and selling it in 1990 to insurance giant American International Group Inc. But now Udvar-Hazy, who was allowed to keep running the business under AIG, wants part or all of the company back.