Irish liquidators for GTLK Europe and GTLK Europe Capital, formerly Ireland-based subsidiaries of Russian state-owned lessor GTLK - State Transport Leasing, have filed a number of lawsuits against various underwriters in English courts, seeking payouts for aircraft stranded in Russia since February 2022, the Irish Independent newspaper reported.
Some of the defendants reportedly include Starr International Europe, Axis Specialty Europe, Fidelis Underwriting, JSC Rosgosstrakh Insurance Company, The Russian National Reinsurance Company, Liberty Mutual, and The Oriental Insurance Company.
Liquidators Damien Murran and Julian Moroney are arguing that the two Irish firms are no longer controlled by GTLK, following a May 2023 Irish High Court ruling ordering the liquidation of both entities. This renders them victims of Russia's policy to refuse the return of sanctioned aircraft after the invasion of Ukraine rather than perpetrators.
Since August 2023, the assets of GTLK's former Irish units - estimated at around EUR4 billion euros (USD4.2 billion) - have been held in trust on behalf of their non-Russian creditors. However, as nearly all aircraft formerly owned by the lessors are currently in Russia, the practical options to retrieve and monetise them are close to zero. This leaves the liquidators with insurance payouts as a last resort to recover funds on behalf of GTLK Europe's creditors.
The Russian authorities recently warned carriers in the country to avoid using GTLK-owned aircraft on international flights due to the risk of seizure on behalf of GTLK Europe's creditors.
Other lessors, including AerCap and, this week, SMBC Aviation Capital, have reached insurance settlement agreements directly with Russian firms, cashing in USD645 million and USD710 million, respectively, in return for the waiver of all claims to aircraft stranded in Russia.
