The four-engine plane was ferried to California after a judge agreed it should be returned to the leasing giant following legal action started by BOC. In court documents filed on 14th March, the lessor said the plane was worth nearly $150 million and the Russian airline had breached the lease contracts on two other 747-8 cargo planes that were flown to Russia against BOC's wishes after they had grounded them in China. The insurance on those aircraft had been cancelled on 5th March.
The leasing firm has 18 aircraft currently leased to Russian airlines which could be affected by the insurance cancellation. One of the planes was also flown back to Russia despite having its airworthiness certificate being withdrawn by the Bermudian authorities where the aircraft was registered.
AirBridge Cargo has refused to make a comment.
BOC is not alone in having difficulty in recovering leased aircraft from Russian airlines, one of the largest leasing firms AerCap has been trying to get some of the 100 or so aircraft it has in the country back. Those attempts have not been successful and it has submitted an insurance claim for some $3.5 billion it says those aircraft are worth. This is the start of what will undoubtedly be a long and intense process which could lead to it being virtually impossible for Russian airlines to be able to lease western planes in future.
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