International Lease Finance Corporation

Last updated
International Lease Finance Corporation (ILFC)
TypeDivision
IndustryAircraft leasing and sales
FoundedJuly 1973;49 years ago (1973-07)
Headquarters Constellation Place
Los Angeles, California, U.S.
Key people
Henri Courpron, CEO
Fred Cromer, President
RevenueIncrease2.svg US$4.73 billion (2007)
Increase2.svg US$604 million (2007)
Number of employees
290 (March 2013)
Parent AerCap
Corporate headquarters, Constellation Place MGM Tower.jpg
Corporate headquarters, Constellation Place

The International Lease Finance Corporation (ILFC) was an aircraft lessor headquartered in the Constellation Place in Century City, Los Angeles, California, US.[ citation needed ]

Contents

It was the world's largest aircraft lessor by value, though ILFC's rival, General Electric's GECAS unit, had more aircraft. It leased Boeing and Airbus aircraft to major airlines worldwide.

History

Father and son team Leslie Gonda and Louis L. Gonda founded ILFC in 1973 along with Steven F. Udvar-Házy.[ citation needed ] The company was acquired by international insurance giant American International Group (AIG) in 1990, although the unit was still run by Udvar-Hazy until he retired in February 2010, when he was succeeded by vice-chairman Alan Lund. Henri Courpron, a former Airbus executive, was appointed president and CEO of ILFC in May 2010. [1]

On September 2, 2011, AIG filed with the SEC to spin off ILFC in an initial public offering. [2] [3] [4] [5] [6] [7] [8] [9]

In December 2012, AIG announced that it was selling a 90% stake in the company to a consortium of Chinese companies consisting of New China Trust, New China Life Insurance, P3 Investments and the China Aviation Industrial Fund to raise funds to repay its US$182B government bailout. [10]

In August 2013, two of the Chinese companies withdrew their involvement in the deal. [11] AIG had given a deadline for the completion of the deal as August 31, 2013, [12] and alternatives were considered, such as an initial public offering. [12]

On December 16, 2013, AIG announced they were selling its entire stake in ILFC to AerCap Holdings N.V. [13]

Headquarters

The ILFC was headquartered in Suite 3400 of the Constellation Place (formerly MGM Tower) in Century City, Los Angeles, California. [14] ILFC has its headquarters on the top six floors of the building, with 290 employees as of March 2013. The CEO's penthouse office had a working fireplace. [15]

Related Research Articles

<span class="mw-page-title-main">Airbus A319</span> Airliner, shortened variant of the A320 family

The Airbus A319 is a member of the Airbus A320 family of short- to medium-range, narrow-body, commercial passenger twin-engine jet airliners manufactured by Airbus. The A319 carries 124 to 156 passengers and has a maximum range of 3,700 nmi. Final assembly of the aircraft takes place in Hamburg, Germany and Tianjin, China.

<span class="mw-page-title-main">Airbus A320 family</span> European airliner family

The Airbus A320 family is a series of narrow-body airliners developed and produced by Airbus. The A320 was launched in March 1984, first flew on 22 February 1987, and was introduced in April 1988 by Air France. The first member of the family was followed by the longer A321, the shorter A319, and the even shorter A318 . Final assembly takes place in Toulouse in France; Hamburg in Germany; Tianjin in China since 2009; and in Mobile, Alabama in the United States since April 2016.

<span class="mw-page-title-main">Airbus A330</span> Wide-body twin-engine jet airliner

The Airbus A330 is a wide-body aircraft developed and produced by Airbus. Airbus conceived several derivatives of the A300, its first airliner from the mid-1970s. Then the company began development on the A330 twinjet in parallel with the A340 quadjet and launched both designs with their first orders in June 1987. The A330-300, the first variant, took its maiden flight in November 1992 and entered service with Air Inter in January 1994. The slightly shorter A330-200 variant followed in 1998.

<span class="mw-page-title-main">Airbus A380</span> Wide-body double deck aircraft

The Airbus A380 is a large wide-body airliner that was developed and produced by Airbus. It is the world's largest passenger airliner and only full-length double-deck jet airliner. Airbus studies started in 1988, and the project was announced in 1990 to challenge the dominance of the Boeing 747 in the long-haul market. The then-designated A3XX project was presented in 1994; Airbus launched the €9.5 billion ($10.7 billion) A380 programme on 19 December 2000. The first prototype was unveiled in Toulouse on 18 January 2005, with its first flight on 27 April 2005. It then obtained its type certificate from the European Aviation Safety Agency (EASA) and the US Federal Aviation Administration (FAA) on 12 December 2006.

Transaero, officially OJSC Transaero Airlines was a Russian airline that operated scheduled and charter flights to over 150 domestic and international destinations. Transaero's main hubs were Moscow Vnukovo Airport and Saint Petersburg Airport with further bases throughout Russia. For much of its history the head office was at Domodedovo International Airport, and towards the end its head office was in Saint Petersburg.

Steven Ferencz Udvar–Házy, also known as István or Steve Hazy, is an American billionaire businessman and the executive chairman of Air Lease Corporation. He is the former chairman and CEO of International Lease Finance Corporation (ILFC), one of the two largest aircraft lessors in the world Forbes magazine's 2021 list of The World's Billionaires estimated his net worth at US$4 billion.

<span class="mw-page-title-main">Steven F. Udvar-Hazy Center</span> Aviation museum in Virginia, United States

The Steven F. Udvar-Hazy Center, also called the Udvar-Hazy Center, is the Smithsonian National Air and Space Museum (NASM)'s annex at Washington Dulles International Airport in the Chantilly area of Fairfax County, Virginia. It holds numerous exhibits, including the Space Shuttle Discovery, the Enola Gay, and the Boeing 367-80, the main prototype for the popular Boeing 707 airliner.

Leslie Gonda was a Hungarian-born American businessman, philanthropist, and Holocaust survivor. He was the co-founder of International Lease Finance Corporation.

Aircraft leases are leases used by airlines and other aircraft operators. Airlines lease aircraft from other airlines or leasing companies for two main reasons: to operate aircraft without the financial burden of buying them, and to provide temporary increase in capacity. The industry has two main leasing types: wet-leasing, which is normally used for short-term leasing, and dry-leasing which is more normal for longer-term leases. The industry also uses combinations of wet and dry. For example, when the aircraft is wet-leased to establish new services, then as the airline's flight or cabin crews become trained, they can be switched to a dry lease.

Sky Lease Cargo Inc. is an American cargo airline based in Miami, Florida.

<span class="mw-page-title-main">ALAFCO</span> Aircraft-leasing company

ALAFCO is an aircraft-leasing company, founded in Kuwait in 1992. The CEO is Adel Ahmad Albanwan. It is jointly owned by the Kuwait Finance House, Gulf Investment Corporation and Kuwait Airways. Its lease terms are Islamic economical jurisprudence-compliant.

Douglas M. Steenland is an American former corporate attorney and former airline executive. He had a 17-year career at Northwest Airlines, where he held numerous executive roles, including as president from 2001 through 2008, and president and CEO of Northwest from October 2004 until its merger with Delta Air Lines in October 2008. Since then he has served on a number of boards of directors, and as an advisor to the Blackstone Group.

<span class="mw-page-title-main">Constellation Place</span> Skyscraper in Century City, Los Angeles, California

Constellation Place is a 35-story, 492-foot (150 m) skyscraper in Los Angeles, California, located in the community of Century City. It houses the headquarters of Houlihan Lokey, ICM Partners, Knight Law Group, and International Lease Finance Corporation (ILFC). The tower was built to house the corporate headquarters of Metro-Goldwyn-Mayer (MGM), but after its bankruptcy, MGM moved to Beverly Hills, California in 2011.

<span class="mw-page-title-main">Amsterdam Airlines</span>

Amsterdam Airlines was a Dutch charter airline with its head office in Schiphol-Rijk on the grounds of Amsterdam Airport Schiphol in Haarlemmermeer, Netherlands. Founded in 2007, Amsterdam Airlines used to provide both charter and wet lease services. It ceased its operation on October 31, 2011 and went bankrupt on November 22 of the same year.

<span class="mw-page-title-main">Air Lease Corporation</span> American aircraft leasing company

Air Lease Corporation (ALC) is an American aircraft leasing company founded in 2010 and headed by Steven F. Udvar-Házy. Air Lease purchases new commercial aircraft through direct orders from Boeing, Airbus, Embraer and ATR, and leases them to its airline customers worldwide through specialized aircraft leasing and financing.

<span class="mw-page-title-main">AerCap</span> Aircraft leasing company

AerCap Holdings N.V. is an Irish aviation leasing company headquartered in Dublin, Ireland, with offices around the world. AerCap is listed on the NYSE with the ticker 'AER'. It became the largest aviation leasing company in the world following the acquisition of International Lease Finance Corporation (ILFC) in 2014, and GECAS from General Electric in 2021, an over $30 billion acquisition. Its assets include wide-body aircraft, regional jets, cargo aircraft, aircraft engines, and helicopters. General Electric owned 45.4% of the company, decreasing to 33.46% after selling shares in March 2023.

Ethiopian Airlines operates a fleet of Airbus A350, Boeing 737, Boeing 767, Boeing 777, Boeing 787 and Bombardier Dash Q-400 aircraft.

Thai Airways International operates a fleet of all widebody aircraft from Airbus and Boeing.

References

  1. ↑ "AIG Names Henri Courpron ILFC President and Chief Executive Officer". www.businesswire.com. 2010-05-19. Retrieved 2020-09-02.
  2. ↑ "ILFC Upsizes Committed Secured Loan to $1.5 Billion" (Press release). ILFC. April 21, 2011. Archived from the original on October 6, 2011. Retrieved October 20, 2011.
  3. ↑ "ILFC Announces Commencement of Exchange Offer" (Press release). ILFC. April 6, 2011. Archived from the original on October 6, 2011. Retrieved October 20, 2011.
  4. ↑ "ILFC Enters Into $1.3 Billion Committed Secured Loan with Right to Upsize: Diverse Group of Global Banks To Participate" (Press release). ILFC. March 31, 2011. Archived from the original on October 6, 2011. Retrieved October 20, 2011.
  5. ↑ "ILFC Names Fred Cromer President" (Press release). ILFC. March 31, 2011. Archived from the original on October 6, 2011. Retrieved October 20, 2011.
  6. ↑ "Cathay Pacific Airways to Lease Two A350s from ILFC" (Press release). ILFC. March 9, 2011. Archived from the original on October 6, 2011. Retrieved October 20, 2011.
  7. ↑ "ILFC Orders Aircraft from Airbus and Boeing" (Press release). ILFC. March 8, 2011. Archived from the original on March 14, 2011. Retrieved October 20, 2011.
  8. ↑ "ILFC Enters Into $2 Billion Committed Unsecured Credit Line – Action Continues Improved Funding Flexibility and Diversity" (Press release). ILFC. October 20, 2011. Archived from the original on October 6, 2011. Retrieved October 20, 2011.
  9. ↑ "ILFC to Open Office in Europe Colin Bole Named SVP, Head of Europe, Middle East and Africa" (Press release). ILFC. January 26, 2011. Archived from the original on October 6, 2011. Retrieved October 20, 2011.
  10. ↑ Niles, Russ (8 December 2012). "China Bids For Airliner Leasing Firm". AVweb. Retrieved 10 December 2012.
  11. ↑ "AFP: 2 Chinese funds exit deal to buy AIG's ILFC: source". 2013-08-21. Retrieved 2013-12-16.
  12. 1 2 "AIG Extends Deadline On ILFC Sale". News.airwise.com. 2013-08-07. Retrieved 2013-12-16.
  13. ↑ "AIG sells International Lease Finance for $5.4 bln". MarketWatch. Retrieved December 16, 2013.
  14. ↑ "Contact Us Archived 2011-05-12 at the Wayback Machine ." International Lease Finance Corporation. Retrieved May 6, 2011. "10250 Constellation Blvd. Suite 3400 Los Angeles, CA 90067 USA"
  15. ↑ Leslie Wayne (May 10, 2007). "The Real Owner of All Those Planes". The New York Times . Retrieved September 22, 2011.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.