The 2002 annual report does not give a lot of information, except for nice pictures of their offices in Frankfurt. For example they write:
Is that the deal with Sobelair? "Flying at exceptionally favorable conditions"? Not for Sobelair, which is paying extravagant pricesFor over a year, we have managed to keep the two Boeing 767-300ERs which we successfully took possession of again from the Swissair Group flying at exceptionally favorable conditions. We are currently conducting restructuring negotiations aimed at keeping the aircraft in the air over the long term.
Further:
As stipulated by contract, Deutsche Structured Finance has the task of supervising and profitably placing the aircraft of the companies administered by it. In 2002 DSF focused on placing aircraft whose leases expired in the financial year and on negotiations involving the leases for two B767-300 ERs which were transferred from Flightlease (Ireland) Ltd. to Sobelair S.A. in connection with the insolvency of the SAir Group.
[...]
Restructuring agreements were reached for the B767-300ERs after extensive negotiations. The new arrangements not only relieved the lessee’s payment obligations, thus establishing a more stable economic basis, but also substantially improved the collateral profile for the leasing companies. The conditions imposed on the airline for the validity of the agreements have not yet been fulfilled.
Not very clear
Where do they lease their other aircraft?
Anyway, DSF made a profit of 2,041,018.87 € in 2002, against only 136,729.83 € in 2001. Not bad for a difficult year. Thank you Mr VastapaneAt the start of 2003, the anticipated financial problems of Air Littoral, the operator of 7 of the CRJ aircraft managed by us, became acute, causing a further need to restructure and market aircraft. It cannot be ruled out that aircraft will be returned in extraordinary cases.
Four Boeing 737-300s and two CRJ aircraft must also be marketed. Their lease agreements with Deutsche BA, Air Sahara and Eurowings will end in the current financial year as planned (the leases for three further Boeing 737-300s, which expire in the first quarter of 2003, have already been renewed).
Corrected!