Teneo Restructuring Ireland, the liquidators of GTLK Europe DAC and GTLK Europe Capital DAC, both former Irish SPVs of Russian state-owned lessor GTLK - State Transport Leasing, have put up three of their A319-100s for sale.
The three aircraft are of ex-easyJet UK (U2, London Luton) stock. According to hours and cycles data provided by IBA Group, the exclusive remarketing agent, they are likely msn 4385, 4425, and 4444 which are parked at Madrid Barajas (msn 4385) and Larnaca airports. They are being sold on an "as is, where is" basis. Offers are due by July 15, 2024, with the sale set to wrapped up by November 2024.
After Ireland imposed sanctions on Russian aviation assets in early 2022, the GTLK aircraft were seized. Protracted legal wrangling ensued, but the Irish High Court confirmed in August 2023 that the assets should be held in trust and sold by the liquidators to benefit creditors. The liquidators identified 37 aircraft owned by the SPVs in total, although some are leased to Russian airlines and subject to transfer of ownership to Russian entities - the sale of leased aircraft to Russia is legal as long as they are unlikely to be repossessed. Meanwhile, Russian courts have "banned" the liquidation of the SPVs, although the ruling has no practical implications.
