Air Lease to write off $802M in charges for jets remaining in Russia (NYSE:AL)

Air Lease (NYSE:AL) -4.9% post-market after disclosing Friday it will write off the value of the 27 jets currently stranded in Russia, which it expects will result in $802.4M of charges.

“It is unlikely that the company will regain possession of the aircraft that have not been returned and that remain in Russia,” Air Lease (AL) said in a Form 8-K released after the stock market closed.

The company does not expect the asset writeoff will result in material future cash expenditures, and it said it is pursuing insurance claims to recover losses.

The writeoff, which includes 21 company-owned jets and six aircraft in the company’s managed fleet, will be reflected in the Q1 earnings report.

Earlier this month, Air Lease (AL) expand its portfolio with an order for 32 additional Boeing 737-8 and 737-9 jets.