2008 leasing activity outpaces 2007 by 10 percent
(STAMFORD, Connecticut, January 12, 2009) GE Capital Aviation Services (GECAS) announced today that it finished the year strong, entering into lease agreements for a total of 66 aircraft in the fourth quarter: including 36 aircraft from its existing fleet and 30 lease extensions, representing a strong 32% increase over Q4 2007 leasing activity.
For the full year GECAS leased a total of 232 aircraft including 146 from existing fleet, 42 from the new order skyline, and 44 extensions of existing leases ... a 10% increase over 2007 leasing activity.
Commenting on 2008 activity, Henry Hubschman, GECAS President and CEO, said: "2008 was an extremely challenging year as a result of significant global market volatility and unprecedented debt turmoil. Nonetheless, the GECAS team did an outstanding job placing aircraft, securing strong financing opportunities and managing our large portfolio of owned and managed aircraft and engines."
About GE Capital Aviation Services (GECAS)
GECAS, the US and Irish commercial aircraft financing and leasing business of GE, has a fleet of over 1,500 owned aircraft with more than 250 airlines in some 78 countries, and it manages over 300 aircraft for others. GECAS offers a wide range of aircraft types and financing options, including operating leases and secured debt financing, and also provides productivity solutions including spare engine leasing, spare parts financing and management. GECAS, a unit of GE Capital, has offices in 28 cities around the world.
GE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. GE is Imagination at Work.
Dan Whitney
GE Capital Aviation Services
[email protected]
203-585-2268
203-300-8707