Dublin, 2nd October 2023: SMBC Aviation Capital today announces that it has received cash insurance settlement proceeds totalling approximately US$710 million in respect of its aircraft previously leased to Aeroflot.
The amount represents a settlement of SMBC Aviation Capital’s insurance claims under Aeroflot’s insurance and reinsurance policies relating to sixteen (16) aircraft and associated engines. An additional insurance settlement has been concluded for one (1) aircraft and associated engines managed by SMBC Aviation Capital.
The insurance settlement and receipt of the settlement proceeds from Limited Liability Company “Insurance Company NSK”, a Russian insurance company, were carried out in full compliance with all applicable laws, sanctions and regulations and have been approved by the U.S. Department of Commerce and the U.S. Department of the Treasury.
SMBC Aviation Capital will continue to actively pursue its litigation in the Irish courts under its own insurance policies. SMBC Aviation Capital will also continue its efforts to seek to mitigate its losses in respect of its aircraft that were previously leased to other Russian airlines.