Gelesis Holdings Inc (GLSHQ)

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Genesis Lease profit rises 67 percent
Aircraft leasing company Genesis Lease reports 67 percent rise in 4Q earnings
Wednesday March 4, 2009, 2:43 pm EST
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SHANNON, Ireland (AP) -- Aircraft-leasing company Genesis Lease Ltd. said Wednesday its fourth-quarter profit rose 67 percent, helped by an increase in revenue and a gain from buying back securitized debt.

Chief Executive John McMahon said the company amended a $1 billion credit facility to resolve a dispute with lenders over covenants. The changes will lead to higher fees but confirm access to borrowing, he said.

Genesis said it earned $10.7 million, or 30 cents per share in the quarter, compared with $6.4 million, or 18 cents per share, a year earlier.

The profit included a gain of $6 million from the repurchase of securitization debt, offset by a cost of $6.4 million for termination of leases including downtime and cost of re-marketing them and other items.