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Feature: Repos on the rise
16 February 2011
It was a bad year for the repo man in 2010. This year may not get any better if lessors continue to take a soft approach to defaulting airlines.
It is one
o’clock on a wet September morning at Luton
Airport, and a flight from Bucharest, Romania, has just landed.
Like most hostile repossessions, the crew does not know what is
happening until it is too late.
Although the captain has
not gone as far as barricading himself in the cabin, a not
unheard of scenario, he wants to speak to a lawyer.
"After one hour he
realizes there is not much he can do, so we secure the aircraft
and put it into short-term storage," says Owen Geach,
commercial director, International Bureau of Aviation (IBA),
whose task it was to repossess the aircraft.
Aviation’s repossession of the
airline’s 737-400 is text book, but it could have
gone so wrong.
Serving a termination might have alerted the airline about
the risk of repossession. Consequently, the airline might not
have flown the aircraft to Luton on...
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