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Repossessions

Asset Management

Advisory and Valuations

Aircraft Investment

Aircraft Remarketing and Transitions

Available Assets

Technical Services

Repossessions

Managing swift, positive and secure asset retrieval

IBA's remarketing team appreciates asset repossession, whether of aircraft, engines or landing slots, is a complicated procedure with multiple, interdependent aspects.

 

Expensive to execute and with diverse geographical, legal, technical and contractual constituents, we would always advise clients attempt to get back control of assets only after exhausting all alternative means of resolution.

 

US$1.1B

of aircraft under IBA Asset Management programmes

330+

Aircraft and Engines Inspections Annually

300+

Buy Side Due-Diligence in 2019

30+

Redeliveries & Repossessions in 2019

Should asset repossession become unavoidable, however, IBA's technical service team will support clients to achieve the quickest and most advantageous outcome, preserving client asset value and protecting their interest.

 

We have extensive global experience of aircraft repossessions and of repossessing engines in both work-out and default situations. Carefully appraising the individual circumstances of each case, we provide the aircraft and engine owners we represent with specific recommendations that will produce optimum results: repossession or agreeing the continuation of operations.

 

Reinforced by the strategic capability our peerless InsightIQ intelligence platform affords, our remarketing team can respond quickly to clients' requests for help to decide if repossession is the wisest course of action.

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With technical resource and expert technicians to inform our advice, IBA can arrange the re-registration of assets and, once return has been achieved, conduct exhaustive assessments of their condition.

 

In situations where aircraft repossession or the retrieval of other assets must be organised from sites within overseas jurisdictions, we can quickly evaluate the local legal systems and their robustness as well as those that apply in the asset's subsequent destination. Though intricate, IBA's experience means the necessary processes are fully completed without lengthy delays.

 

No two cases are exactly alike and, mindful of the significant cost implications of asset repossession, we balance our guidance to serve each client. Even in circumstances where lease rental or debt payments are not being met, we may suggest the asset's lessor or lender has a temporary monitoring team on site so aircraft and engine records, manuals and technical logs can be safeguarded and fully recovered.

 

As custodians of many years' industry benchmark repossession data covering commercial, private and business jets, engines, helicopters and landing slot valuations, IBA's teams can provide prompt and detailed repossession cost analysis when clients need it.

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Case Study: Aircraft Repossession

IBA were asset managers for an A320 aircraft on lease to Monarch Airlines, owned by Investec Global Aircraft Fund. We were already aware of the tenuous financial position of the airline, and as a result, had a team on standby, should the worst-case scenario of airline collapse actually happen.

 

We had been tracking the aircraft movements on a 24/7 basis and were fortunate that the aircraft had just returned to Gatwick airport when the airline called in administrators.

 

Given the locality to IBA HQ, the repossession was relatively calm and easy compared to other scenarios we had previously experienced. However, Eurocontrol and two other suppliers of services were keen to withhold clearance to fly for our ferry crew until outstanding debts had been paid. This is a typical situation which most lessors have to agree or negotiate to arrange hassle-free access to aircraft, and to transfer them from expensive airport parking, into less costly storage facilities.

 

Meanwhile, the remarketing team were already talking to potential new lessees of the aircraft and quickly placed the aircraft.

Case Study continued...

 

 

That part of the transaction went relatively smoothly despite several interior changes being demanded and a fresh C check being required before delivery was finally made.

 

The planning required is intense and requires significant resources to arrange maintenance release for the aircraft - In this case, it was to fly from Gatwick to the storage facility in Kemble, along with bringing a flight crew and arranging fuel uplift.

 

Meanwhile, another team were accessing the technical records that were being held at Luton Airport by the airline's MRO facility, Monarch Aircraft Engineering Limited, which was not in administration at the time. Various work was required on the aircraft to achieve a delivery condition to the new lessee, Iberia, which involved further ferry flights to Birmingham and also FL Technics for C check, reconfiguration and painting. Fortunately, the engines were in fine order.

 

IBA handled all of the tasks, from initial security at Gatwick, ferry flights, fuel and subsequent spares acquisition for the C check and reconfiguration work.

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