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AIRLEASE LTD. ANNOUNCES FIRST QUARTER 1992 CASH DISTRIBUTION; DISCUSSES TRANS WORLD AIRLINES BANKRUPTCY

 AIRLEASE LTD. ANNOUNCES FIRST QUARTER 1992 CASH DISTRIBUTION;
 DISCUSSES TRANS WORLD AIRLINES BANKRUPTCY
 SAN FRANCISCO, March 11 /PRNewswire/ -- Airlease Ltd., a California Limited Partnership (NYSE: FLY), said today its directors approved a first quarter cash distribution of 42 cents per unit. The distribution will be payable May 15, 1992, to unitholders of record on March 31, 1992.
 On Jan. 31, 1992, Trans World Airlines (TWA) filed for bankruptcy protection under Chapter 11 of the Federal Bankruptcy Code. This was expected. As early as last July, TWA had announced its intention of filing for bankruptcy protection in early 1992.
 TWA has not remitted its February payment, and will likely not remit its March payment. The partnership has been advised that the TWA lease should qualify for special protection under section 1110 of the Bankruptcy Code. This section generally requires the bankrupt entity to pay the outstanding rental amounts 60 days after the date of the filing if it intends to continue using the aircraft.
 The partnership has a 50 percent interest in one MD-82 aircraft on lease to TWA, which represented 6.2 percent of total assets at Dec. 31, 1991. The partnership is monitoring the bankruptcy proceedings and will take such action as it believes appropriate to protect its interests.
 -0- 3/11/92
 /CONTACT: Nancy Riess of Airlease Ltd., 415-627-9300/ CO: Airlease Ltd. ST: California IN: TRN SU:


RF -- SF018 -- 7589 03/11/92 20:53 EST
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Publication:PR Newswire
Date:Mar 11, 1992
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