Credit Bank of Moscow sells Irish aircraft leasing business

The Credit Bank of Moscow (CBM) has sold its Irish aircraft leasing business to a European aircraft lessor, GTLK Europe.

The sale, for an undisclosed sum, includes CBM’s six Boeing 737-800 aircraft which it received as part of a transaction to resolve troubled debt of one of its corporate clients.

Accounts for the 12 months to the end of December 2016 show CBM Ireland Leasing Limited made a pre-tax loss of $4.6 million (€3.86 million) with revenues of $18.6 million.

A going concern note in those accounts said the directors were confident that “the realisable value of the respective aircraft will be sufficient to discharge the liabilities of the company”. At the time the company at lease rental contracts worth €168.5 million while its aircraft were valued at $235.2 million.