Lessor SMBC takes $1.6 billion impairment on aircraft in Russia
Reuters
Published Jul 08, 2022 03:55AM ET
DUBLIN (Reuters) - Aircraft lessor SMBC Aviation Capital on Friday recorded an impairment of $1.6 billion to cover the full financial impact of having 34 jets stuck in Russia after European Union sanctions that forced the termination of all Russian leases.
Irish-headquartered SMBC, which is owned by a consortium including Japan's Sumitomo Corp and Sumitomo Mitsui (NYSE:SMFG) Financial Group, said it expects to make substantial recoveries from its significant insurance coverage.
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Written By: Reuters
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