Avolon owned crashed Bali jet WRECK: Lion Air"s 737-800 Boeing crashed into ...

Roisin Burke

– 21 April 2013

Domhnal Slattery’s Avolon aviation company lost a €70m jet in a spectacular ocean plunge last weekend.

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The brand new 737-800 Boeing plane was one of six that are part of a multi-million euro lease deal with Asian airline Lion Air.

With 172 passengers on board, the packed plane overshot the runway on the Indonesian resort island of Bali, and crashed into the sea, splitting into two on impact. Incredibly, no one was killed.

After the crash the plane was cut into pieces for removal and the wreckage will be examined as part of the investigation. Avolon and Lion Air have insurance in place.

Yet another Irish aviation leasing success story, Avolon has 166 aircraft committed to lease deals. It recently teamed up with US financier Wells Fargo to form Aviation Capital Partners (ACP), aiming to build a €380m aircraft portfolio.

Avolon is owned by three of the world’s leading private equity players – Cinven, CVC Capital Partners, Oak Hill Capital Partners, and the Government of Singapore Investment Corporation.

A deal is believed to be in place that would see top execs, including company founder Slattery, make a considerable windfall from any future company sale. An Avolon spokesman confirmed the company was relieved that all crew and passengers survived.

Avolon boss Slattery is liable to repay up to €7.6m to Friends First linked to a loan made to buy the St Regis hotel in Washington DC hotel, according to a recent High Court ruling.

Avolon owned crashed Bali jet WRECK: Lion Air"s 737-800 Boeing crashed into ...