GA Telesis, through one of its affiliated entities, received cash insurance settlement proceeds in full settlement of its insurance claims in respect of two Airbus single-aisle aircraft that were on lease at the time of conflict within Ukraine in February 2022 to Russian flag carrier, joint stock company Rossiya Airlines, a member of Aeroflot Group. Effective upon receipt of the insurance settlement proceeds from limited liability company “Insurance Company NSK”, a Russian insurance company, the company released its claims against NSK, Aeroflot, Rossiya and international reinsurers with respect to the aircraft and installed aircraft engines. The insurance settlements and receipt of the settlement proceeds were approved by the United States Department of the Treasury and are consistent with other applicable sanctions regimes.
Despite challenges in the aviation environment, this settlement reflects GA Telesis’ tireless and ongoing efforts to recover value for its stakeholders.
GA Telesis formally expressed its gratitude to the relevant agencies within the United States Government, European and Irish authorities for providing the necessary approvals to consummate the settlement and for the collaborative efforts of all parties involved as it looks towards continuing its Ecosystem’s mission of providing innovative and reliable solutions in the aviation sector.
