Udvar Hazy Out As ILFC Chairman?
Financial publications are reporting that Steven Udvar Hazy has left the chairmanship of International Lease Finance Corp. after parent company, government-supported insurer AIG decided against selling ILFC, the largest aircraft leasing company in the world. Hazy co-founded the company and sold it to AIG during better times. With AIG under government supervision, thanks to an $80 billion bailout, Hazy had been reportedly rounding up investors in a bid to take back the company. AIG and Hazy have been unavailable for comment to all the publications that have tried to contact them. As has Douglas Steenland, the former CEO of Northwest Airlines, who is reported the new chairman of ILFC.
Hazy had reportedly lined up a blue-chip consortium of investors in a bid being facilitated by Credit Suisse. Among those throwing money in was Onex Corp., which purchased Hawker Beechcraft from Raytheon three years ago and also bought Boeing's Wichita operation and renamed it Spirit AeroSystems. Greenbriar and the Canada Pension Plan were also part of the deal. IFLC owns more than 1,000 airliners leased to airlines all over the world. AIG apparently decided it couldn't get enough for the company by liquidating it and is hanging on, at least for the short term.