AMSTERDAM, Nov 30, 2012 - (ACN Newswire) - AerCap Holdings N.V. (AerCap) today announced it has settled its lawsuit against GE Capital Corporation and GE Capital Aviation Services (GECAS) and withdrawn with prejudice the complaint filed in New York State Court in February 2012 concerning servicing agreements relating to aircraft leases with Transbrasil S/A Lineas Areas, a now-defunct Brazilian airline.
Although the details of the settlement agreement are confidential, information exchanged since the initiation of AerCap's lawsuit has satisfied AerCap that GECAS did not commit fraud and otherwise has a reasonable basis for the position that it did not breach the standard of care owed under the servicing agreements. GECAS was the servicer of aircraft owned by AerCap and leased to Transbrasil. The GECAS servicing relationship with AerCap ended in 2001.
AerCap is a New York Stock Exchange-listed aircraft leasing company (AER) and has one of the youngest fleets in the industry leased to 100 airlines in 50 countries. AerCap has $10 billion of assets and a fleet of 337 aircraft. The company is headquartered in the Netherlands and has offices in Ireland, the United States, China, Singapore and the United Arab Emirates.
This press release may contain forward-looking statements that involve risks and uncertainties. In most cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of such terms or similar terminology. Such forward-looking statements are not guarantees of future performance and involve significant assumptions, risks and uncertainties, and actual results may differ materially from those in the forward-looking statements.
Frauke Oberdieck, AerCap
Tel. +31 20 655 9616
Peter Wortel, AerCap
Tel. +31 20 655 9658
AerCap Press Release GECAS Transbrasil Nov 2012: http://hugin.info/149317/R/1661752/538440.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: AerCap Holdings N.V. via Thomson Reuters ONE
Topic: Legal Action
From the Asia Corporate News Network
Copyright © 2015 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.