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.
January 14, 2009 |
There was a time when buyers would have lined up for a chance to purchase one of the world's largest aircraft owners. But months after American International Group Inc. hung a "for sale" sign on its aircraft-leasing subsidiary International Lease Finance Corp., no deal has closed. AIG is trying to sell assets to repay the $60-billion federal loan that helped it avoid collapse this fall.
September 20, 2008 |
International Lease Finance Corp., the airplane-leasing company owned by American International Group Inc., said it was borrowing $6.5 billion in emergency funding, the maximum amount allowed under its three credit lines. The cash, coupled with revenue from operating activities, will be "sufficient to meet its debt obligations into the first quarter of 2009," the Los Angeles-based company said in a regulatory filing.