AerSale Corporation reported that one of its leased parts warehouses in Roswell, New Mexico, was destroyed in a fire in April 2024. The fire consumed various aircraft parts inventory, which the company has insured for up to $100 million with a $10,000 deductible. They filed a claim for approximately $67 million, representing the replacement value of the lost inventory, which had a cost basis of $6.0 million. As of September 30, 2024, AerSale recorded an impairment and a non-trade receivable of $6.0 million each due to the unpaid claim. They reached an agreement with the insurance carriers on December 9, 2024, for an advance payment on the claim of $37.0 million, with $34.6 million already received. Negotiations are ongoing to determine the final valuation, and the company is optimistic about recovering further amounts up to the claimed value.
List of Names: - AerSale Corporation - James Fry (Executive Vice President, General Counsel & Corporate Secretary)