An Irish Liquidator Plays Cat and Mouse With Russian Jets

Like many big Russian corporations, GTLK set up the two units to raise money via bonds denominated in US dollars, taking advantage of Ireland’s status as a hub for foreign companies to issue debt. But unlike many others, GTLK’s Irish entities were more than just shells for selling bonds: They also held the contracts underpinning its deals for leasing aircraft and vessels to carriers such as Aeroflot, EasyJet and Emirates. “GTLK is unusual because the company has assets outside of Russia, which makes it more feasible for creditors to claim something back,” says Maximilian Hess, founder of risk consulting company Enmetena Advisory. “The chances of enforcing any claims in Russia are practically zero.”