GTLK Europe liquidators offer five A220-300s up for sale

Teneo, the liquidator appointed to wind down operations of GTLK Europe and GTLK Europe Capital, has launched a sales process for five A220-300 aircraft on July 16, 2024. The aircraft are based in the Netherlands and will be sold lease unencumbered. All aircraft are in close to full life condition (2019 vintage) and will be offered in 'as is, where is' condition for outright sale. ""These five Airbus A220-300 aircraft are a premium offering for any interested bidders given their excellent condition and we are confident this sales process will be a successful one, adding to the positive interest we have received in other aircraft launched for sale since the start of the summer,"" said joint liquidators to GTLK Europe DAC & GTLK Europe Capital DAC - Damien Murran & Julian Moroney of Teneo Restructuring Ireland. GTLK’s parent is Russian state-owned leasing company JSS GTLK, but the majority of the aircraft leasing business was run by Irish-registered firms, GTLK Europe and GTLK Europe Capital, which operated out of its Dublin office. GTLK operations were halted almost overnight following sanctions imposed on Russian-owned companies by the European Union and the United States following the invasion of Ukraine on February 24, 2022. Teneo continued in its statement: ""Our ability to continue recovering assets and bring them to market reflects the progress we are making with the liquidation process, working in conjunction with regulators and operating within the sanctions regime to realise the best possible asset value for GTLKE's creditors."" IBA acts as the remarketing agent for the aircraft. It is welcoming expressions of interest until the end of July. The sales process is expected to conclude by the end of 2024.