ILFC CEO looking to acquire aircraft for new leasing company

ILFC CEO, Steven Udvar-Hazy, is reportedly in early negotiations to purchase a section of the aircraft leasing company's portfolio and establish a new leasing company (RTTNews, 29-Aug-2009). Funds from the sale would be used to reduce the debt obligations of parent, American International Group (AIG), which are tied to the company's bailout by the US Government. ILFC was placed up for sale by AIG in late 2008. Negotiations are reportedly at a preliminary stage and would require approval of both AIG and the US Government.