Print Edition
August 2010 
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PE Consortium Prepares Bid For AIG Aviation Unit |
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Claire Spencer, November 2009 |
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(30 November 2009)
A consortium of private equity investors is preparing to make a bid for about half of the aviation-leasing business of American International Group, International Lease Financing Corp (ILFC), according to a report in the Financial Times, which cites sources familiar with the matter. The consortium also includes the chief executive of ILFC, Steven Udvar- Házy.
The consortium is composed of Onex, Greenbriar and Canada Pension Plan, and could make an offer for the aircraft portfolio this week, according to the newspaper’s sources.
AIG had set a deadline of 3 December for bids, but it is unclear as to whether they will stick rigidly to that date.
The company had initially hoped to make a decision by December 15, but the sources told the Financial Times that an agreement could take longer to complete.
There has been a lot of uncertainty surrounding how the sale should proceed, but AIG ultimately decided to split the portfolio into two portions of aircraft with similar characteristics and values. The consortium is buying one of those portions.
ILFC has a book value of more than $7bn and debt of about $30bn.
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