Two Irish aircraft and ship leasing companies, owned by the Russian state, are battling a High Court petition to wind them up by four of their creditors. GTLK Europe DAC and GTLK Europe Capital DAC are potentially worth over $4.5 billion combined. The Irish court, anticipating the possibility of the country’s largest liquidation ever, will hear the arguments of the opposing parties before making a decision. The companies owe a massive debt, due in part to Russian sanctions after the invasion of Ukraine. The four creditors leading this liquidation bid wish to appoint liquidators Damien Murran and Julian Moroney from Teneo Restructuring Ireland. Despite the complex legal hurdles presented by this case, the companies are intending to oppose the winding-up application. Even if the creditors win, the liquidators will need to navigate the impact of sanctions on the companies’ assets. GTLK is the largest transport leasing firm in Russia, counting Emirates, EasyJet, and Aeroflot among its clients. The group holds a vast number of assets through a complex corporate structure, consisting of 70 aircraft and 19 sea vessels.
