The liquidators of the Irish SPVs of Russia's GTLK - State Transport Leasing have put five A220-300s up for sale that were originally due to join Red Wings Airlines (WZ, Moscow Domodedovo).
VP-BJB (msn 55056), VP-BJC (msn 55057), VP-BMQ (msn 55073), VP-BMV (msn 55066), and VP-BMZ (msn 55065) are all 2019 builds but have never been flown commercially. They are currently stored in the Netherlands (four at Maastricht and one at Enschede) and are to be sold on an "as is, where is" basis.
They will be sold lease unencumbered. UK-based asset manager IBA is the exclusive remarketing agent, and the liquidators expect bids by July 30. The sale is due to be finalised by the end of 2024.
"These five Airbus A220-300 aircraft are a premium offering for any interested bidders given their excellent condition and we are confident this sales process will be a successful one, adding to the positive interest we have received in other aircraft launched for sale since the start of the summer," liquidators Damien Murran and Julian Moroney of Teneo Restructuring Ireland said in a statement.
Teneo Restructuring has been appointed to liquidate the assets of GTLK Europe DAC and GTLK Europe Capital DAC on behalf of the lessors' non-Russian creditors. GTLK tried to block the liquidation but lost the case in Irish courts. The Russian courts "banned" the liquidators from selling the assets, but the ruling has no practical relevance given that Russian law enforcement cannot prevent transactions outside the country.
