Aviation News Item: 00086

12th Oct 2009

Source: evaint.com

AerCap Holdings has announced the completion of the following transactions during the third quarter 2009:

• Signed new lease agreements for six aircraft and executed letters of intent for five new aircraft leases,

• Delivered eight aircraft and 14 engines under lease agreements,

• Purchased six aircraft and three engines,

• Sold three aircraft and three engines, and executed letters of intent for the sale of five aircraft,

• Disassembled 12 aircraft and 16 engines.

In addition, AerCap announced in the third quarter 2009 that the Boards of Directors of AerCap Holdings and Genesis Lease Limited had approved a definitive agreement under which AerCap and Genesis will merge in an all share-for-share transaction. The transaction is expected to close in the fourth quarter of 2009.

AerCap's CEO Klaus Heinemann commented: "The third quarter 2009, while remaining very challenging for the global aviation environment as a whole, showed increasing signs of improvement in Asia and Latin America, and with most of the low cost carrier sector. This improvement is resulting in more positive demand for our marketing activities for 2010 and 2011. Both manufacturers and export credit guarantee agencies are showing remarkable skill in managing the tight funding situation for new aircraft deliveries, thus protecting the solvency of their significant clients."

Klaus Heinemann added: "AerCap continued with its measured portfolio growth during the third quarter by taking delivery of six aircraft, all term funded and placed on profitable leases. The coming winter will remain challenging for the entire aviation industry. Still, there are currently no indications that the situation will deteriorate beyond last winter's challenges, which were managed well by AerCap and most of our competitors."

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