Engine Lessor Willis Lease Recovers 15 Engines Following SAS Bankruptcy
Following the Chapter 11 bankruptcy filing by Scandinavian Airlines (SAS), engine lessor Willis Lease Finance Corporation (WLFC) has successfully repossessed 15 engines and other related assets. The recovery, aided by the Cape Town Convention, marks a significant event for the aviation finance and leasing sector. This repossession comes at a time when the market for spare engines is particularly tight, exacerbated by ongoing issues with Pratt & Whitney's geared turbofan (GTF) engines affecting other carriers. The case serves as an important precedent, demonstrating the security available to asset-backed lenders in airline bankruptcies.
Official Source: https://aircargoweek.com/three-months-after-spirit-airlines-bankruptcy-where-the-engines-went/
Related Aviation News:
- Airline SAS orders 18 new Airbus A330neo amid wider fleet renewal
- SAS Seeks To Return 10 Leased Aircraft With Chapter 11 Restructuring
- SAS Asks To Return 10 Airbus And Boeing Jets
- SAS looks to re-introduce A350 previously shed during fleet restructuring
- SAS May Reintegrate Previously-Rejected Airbus A350s