Airplanes Group gets needed consents to amend certificates, notes

By Jennifer Chiou

New York, Nov. 30 - Airplanes Ltd. and Airplanes U.S. Trust announced a successful solicitation of consents from holders of its subclass A-8 and A-9 and class B, C and D certificates as well as its class E notes.

The company said that it obtained consents from holders of a majority of the outstanding principal balance of the securities.

Amendments included the following:

• Removal of the requirement that Airplanes Group obtain rating agency confirmation prior to taking certain actions for which approval is required, including a reduction in the group's required liquidity reserve amount, changes to the concentration limits and the list of countries into which the group is prohibited from leasing aircraft, making certain investments and amending charter documents; and

• Reduction of the minimum amount of hull insurance and political risk insurance coverage that Airplanes Group is required to carry on each aircraft to an amount that is at least equal to the most recent appraised base value.

Through the solicitation, the company said that it was looking to gain increased operational flexibility and efficiency.

Deutsche Bank Trust Co. Americas (formerly Bankers Trust Co.) is the trustee.

Questions may be directed to Paul Rofe or Eimear Gilmartin at 31 20 655 9655 or 35 36 172 3600.

The solicitation agent was Jefferies & Co.

Airplanes Ltd. is a limited liability company formed under the laws of Jersey, Channel Islands.

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