International Lease Finance Corporation
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| Type | Division |
|---|---|
| Founded | 1973 |
| Headquarters | 10250 Constellation Blvd. Los Angeles, CA 90067 USA |
| Key people | Steven F. Udvar-Hazy, CEO |
| Industry | Aircraft leasing & sales |
| Revenue | ▲ $4.73 billion USD (2007) |
| Net income | ▲ $604 million USD (2007) |
| Employees | 170 |
| Website | www.ilfc.com |
The International Lease Finance Corporation (ILFC) is an aircraft lessor headquartered in Los Angeles, California. It is the world's largest aircraft lessor by value, though ILFC's rival, General Electric's GECAS unit, has more aircraft. It leases Boeing and Airbus aircraft to airlines worldwide, including Air Canada, Cathay Pacific, Air France-KLM, Lufthansa, Alaska Airlines, American Airlines, Air India, Continental Airlines, Mexicana, Emirates Airline and most recently, Delta Air Lines.
Father and son team Leslie Gonda and Louis L. Gonda founded ILFC in 1973 along with Steven F. Udvar-Hazy. The company was acquired by international insurance giant AIG in 1990, although the unit is still run by Udvar-Hazy.
At the beginning of 2005, ILFC had an inventory of 824 aircraft (per AvSoft/The Wall Street Journal.) According to Aviation Week and Space Technology magazine (August 6, 2007) as of August 2007, ILFC had an inventory of more than 900 aircraft valued at more than $48 billion. ILFC is the largest customer of both Boeing and Airbus.
ILFC ordered five passenger Airbus A380 aircraft and five freighter versions and was due to receive the first aircraft in the summer of 2007. However, in 2006 the order was renegotiated, resulting in delivery deferred until at least 2013, and the five freighters from the original order switched to passenger version.[1]
According to the Wall Street Journal (Tuesday, May 13, 2008, Page C1), in 2007 ILFC earned revenues of $4.73 billion and income of $604 million, with a staff of only 170 people.
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[edit] Customers
[edit] Financial crisis of parent company AIG
The crisis at ILFC's corporate parent, AIG, has led to expectations that the company will be sold to raise cash.[2] Founder and CEO Steven Udvar-Hazy is one possible buyer, though he will need to arrange financing to make the deal.[3][4] Sovereign wealth funds from China and the Middle East have been named as possible sources for this financing, though none have confirmed interest.[5] The increased cost of financing aerospace deals due to the terms provided in AIG's bailout financing is seen as a risk to airplane manufacturers like Boeing and Airbus.[6]
[edit] References
- ^ "ILFC to defer its Airbus A380 order until at least 2013, ditching freighter variants for passenger configuration" (Flightglobal.com)
- ^ http://www.marketwatch.com/news/story/aig-puts-many-businesses-up/story.aspx?guid={085826C3-82FD-4A62-9B72-7C764799C5AA}&dist=hpts
- ^ ILFC Chief Is Trying to Buy Company Back From AIG, Wall Street Journal, September 17 2008.
- ^ AAR head predicts ILFC spin off, Flightglobal, September 17, 2008
- ^ Wall Street crisis ruffles Boeing, Airbus, Reuters, September 17 2008.
- ^ Troubles at AIG could bruise aircraft backlogs, MarketWatch, September 17, 2008
[edit] External links
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