Russian state aircraft lessor GTLK has disclosed that it lost nearly Rb2.5 billion ($27 million) from the court-ordered liquidation of its two Irish-based divisions last year.
But liquidation of the companies, it says, has not had a “significant impact” on the broader financial stability of the parent.
The two Dublin-based companies – GTLK Europe and its subsidiary GTLK Europe Capital – were respectively established in 2012 and 2018.
GTLK Europe had a complex structure but, according to the Irish High Court, owned 70 aircraft with customers including Emirates, Aeroflot and EasyJet. It also had a number of sea vessels.
International sanctions imposed over the Ukrainian conflict led to the “impossibility” of paying coupons on bonds issued by the two companies.
Although GTLK applied for a licence to enable it to make such payments, this has not been obtained from the US government’s Office of Foreign Assets Control.
A group of bondholders demanded payment, in mid-April last year, of more than $175 million and, after this did not emerge, presented wind-up petitions.
The Irish court commenced liquidation proceedings for the two companies at the end of May 2023, and GTLK says it “lost control” over the businesses as they were transferred to liquidators.
In its newly-released full-year financial statement GTLK says it recorded a loss of Rb2.49 billion from the disposal. It adds that it created provisions of Rb8.86 billion following the disposal of the companies.
But GTLK’s overall revenues last year reached Rb97.4 billion, and it turned in a net profit of Rb113 million under international standards, reversing a Rb55.8 billion loss – which it attributed to sanctions – in 2022.
First deputy general director Mikhail Kadochnikov says the company has “successfully recovered” from the “turning point” in the Russian economy, crediting the “sustainability and efficiency” of its business model.
