Page 1 of 10 Pages
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of March 2004
AIRCRAFT LEASE PORTFOLIO SECURITISATION 92-1 LIMITED
4th Floor, Forum House
Grenville Street
St. Helier
Jersey JE2 4UF
Channel Islands
[Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.]
Form 20-F X Form 40-F
----- -----
[Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.]
Yes No X
----- -----
The Exhibit Index to this Form 6-K is located on page 3.
Page 2 of 10 Pages
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AIRCRAFT LEASE PORTFOLIO
SECURITISATION 92-1 LIMITED
Date: March 15, 2004 By: /s/ Frederick W. Bradley, Jr.
------------------------------------
Name: Frederick W. Bradley, Jr.
Title: Director
Page 3 of 10 Pages
EXHIBIT INDEX
Sequentially
numbered
page
----
Title of Document
Aircraft Lease Portfolio Securitisation 96-1 Pass Through Trust
Statement to Certificateholders dated March 15, 2004 ..........................4
Press Release dated March 15, 2004.............................................9
Page 4 of 10 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement To Certificateholders
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
- ------------------------------------------------------------------------------------------------------------------------------------
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED ACCRETED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL PREMIUM TOTAL LOSSES INTEREST BALANCE
----- -------------- ------------ ----------- ----------- ------- ------------ ------- ---------- -------------
A 25,000,000.00 8,058,362.74 9,035.44 0.00 0.00 9,035.44 0.00 0.00 8,058,362.74
A 60,000,000.00 19,340,070.41 21,685.05 0.00 0.00 21,685.05 0.00 0.00 19,340,070.41
A 160,673,000.00 51,790,452.34 58,070.05 0.00 0.00 58,070.05 0.00 0.00 51,790,452.34
B 56,868,750.00 40,063,750.00 62,349.21 0.00 0.00 62,349.21 0.00 0.00 40,063,750.00
B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
C 50,044,500.00 39,559,903.71 73,433.07 0.00 0.00 73,433.07 0.00 0.00 39,559,903.71
D 40,945,500.00 34,022,700.00 0.00 0.00 0.00 0.00 0.00 0.00 34,022,700.00
E-1 82,918,250.00 82,918,250.00 0.00 0.00 0.00 0.00 0.00 0.00 82,918,250.00
E-2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 476,450,000.00 275,753,489.20 313,363.36 0.00 0.00 224,572.82 0.00 0.00 275,753,489.20
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------- ------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THRU RATES
- ------------------------------------------------------------------------------------------------------- ------------------------
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL PREMIUM TOTAL BALANCE * CURRENT NEXT
- ----- --------- ----------- -------- --------- -------- --------- ------------ ---------- ----------
A 02109PAA8 322.334510 0.361418 0.000000 0.000000 0.361418 322.334510 1.995000% 1.995000%
A U02029AA1 322.334507 0.361418 0.000000 0.000000 0.361418 322.334507 1.995000% 1.995000%
A 02109PAE0 322.334508 0.361418 0.000000 0.000000 0.361418 322.334508 1.995000% 1.995000%
B 0219PAF7 704.494999 1.096370 0.000000 0.000000 1.096370 704.494999 2.575000% 2.575000%
B U02029AB9 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 2.575000% 2.575000%
C 02109PAG5 790.494534 1.467355 0.000000 0.000000 1.467355 790.494534 2.975000% 2.975000%
D 02109PAH3 830.926475 0.000000 0.000000 0.000000 0.000000 830.926475 13.750000% 13.750000%
E-1 AL9601108 1,000.000000 0.000000 0.000000 0.000000 0.000000 1,000.000000 10.000000% 10.000000%
E-2 AL9601109 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 10.000000% 10.000000%
- ------------------------------------------------------------------------------------------------------------------------------------
SELLER: N/A ADMINISTRATOR: Michele Voon
SERVICER: Babcock & Brown Limited Deutsche Bank
LEAD UNDERWRITER: Lehman Brothers 4 Albany Street
RECORD DATE: February 29, 2004 New York, NY 10006
DISTRIBUTION DATE: March 15, 2004 FACTOR INFORMATION: (800) 735-7777
- ------------------------------------------------------------------------------------------------------------------------------------
* Current Libor has been updated to reflect correct rate.
Page 5 of 10 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement to Certificateholders
- ------------------------------------------------------------------------------------------------------------------------------------
ISSUE / COLLATERAL DETAIL REPORT
Distribution 15-Mar-04
- ------------------------------------------------------------------------------------------------------------------------------------
1. COLLATERAL SUMMARY:
- ----------------------
1.1. DUE PERI0D 01-Feb-2004 to 29-Feb-2004
1.2. ADDITIONAL REPORTED ITEMS
Initial Appraised Value of all Aircraft.......................................................................320,510,000.00
Aircraft Book Value...........................................................................................246,640,216.94
Rentals, Interest and Other Payments in Arrears...................................................................437,517.00
Is there an existing Event of Default?.................................................................................YES *
Number of Registration Defaults.........................................................................................0.00
Has an Enforcement Notice been Issued?....................................................................................NO
WFC Aircraft Sale Date...................................................................................................n/a
WFC Aircraft Payment Default Date........................................................................................n/a
2. SUMMARY OF AVAILABLE FUNDS
- -----------------------------
2.1. COLLECTIONS
Interim deposits, withdrawals and transfers Rents, Interest, Deferred Debt & Other..............................1,349,839.00
Swap Receipts...........................................................................................................0.00
Collections applied to excess aircraft Maintenance Expenses.............................................................0.00
Interim withdrawal of Defaulted Rent from the Lease Maintenance Reserve Account or the Lease Security Deposit Account...0.00
Transfer of Maintenance Reserve Receipts to Lessee Funded Account.......................................................0.00
Transfer of Security Deposit Receipts to Lessee Funded Account..........................................................0.00
Proceeds from sale or other disposition of any Aircraft, Engine or other asset..........................................0.00
Remaining Aircraft Purchase Account funds after Aircraft Sale Date......................................................0.00
------------
Sub Total: 1,349,839.00
Payment Date deposits and transfers
Investment Earnings:
Collections Sub Account.....................................................................................13,741.39
Expense Account..................................................................................................0.00
Aircraft Purchase Account........................................................................................0.00
Class D Note Interest Reserve Account............................................................................0.00
Contingency Reserve Account....................................................................................903.00
Maintenance Reserve Account......................................................................................0.00
Security Deposit Account.........................................................................................0.00
---------
Total Investment earnings for all accounts.....................................................................14,644.39
Investment Earnings retained within Maintenance Reserve Account.....................................................0.00
Investment Earnings retained within Security Deposit Reserve Account................................................0.00
---------
0.00
------------
Sub Total: 1,364,483.39
- ----------------------------
* The company had insufficient funds to pay all of the interest due to the
holders of the Class D Notes. The arrears owed to Class D Noteholders for the
Due Period are $5,696,888.69. See Item 1.2 "Interest Amounts-Unpaid Balance D
Note" below for total overdue interest owed to holders to Class D Notes.
Distribution 15-Jun-01
Page 6 of 10 Pages
2. SUMMARY OF AVAILABLE FUNDS (cont.)
- -------------------------------------
2.1. COLLECTIONS (cont.)
After Enforcement Notice or Disposition of Last Aircraft Lessee Funded Account Transfers................................0.00
After Enforcement Notice, Aircraft Purchase Acct. funds.................................................................0.00
Remaining amounts in the Aircraft Purchase Account transferred due to WFC Aircraft Delivery Termination Date or WFC
Aircraft Payment Default Date..........................................................................................0.00
------------
Sub Total: 1,364,483.39
Other Miscellaneous amounts
For any aircraft which has undergone a total loss or for which the lease has been sold, conveyed or transferred:
Available Maintenance Reserves Amount............................................................................0.00
Available Security Deposit Amount................................................................................0.00
Miscellaneous Other Proceeds........................................................................................0.00
------------
Available Collections transferred to the Transaction Account:............................................1,364,483.39
============
Reserve Account transfers
Maintenance Reserve Amount withdrawals from the Collection Sub-Account..............................................0.00
Liquidity Reserve Amount withdrawals from the Collection Sub-Account................................................0.00
Amounts withdrawn from the Class D Interest Reserve Sub-Account.....................................................0.00
Amounts withdrawn from the Contingency Reserve Sub-Account..........................................................0.00
------------
Total Amounts transferred to the Transaction Account:....................................................1,364,483.39
============
2.2. PAYMENTS FROM TRANSACTION ACCOUNT
* Required Expense Amount plus Additional Company Expenses, Fees and Taxes...........................................76,158.90
Amounts transferred to the Collection Account for Maintenance Reserve Amount............................................0.00
Swap Payments due to Swap Provider0.00
Amounts transferred to the Collection Account for Liquidity Reserve Amount......................................1,063,751.67
Amounts transferred to the Class D Note Interest Reserve Account........................................................0.00
Aggregate Swap Breakage Costs...........................................................................................0.00
Current plus prior unpaid Annual Dividends..............................................................................0.00
Deposit to the Lessee Funded Account for funds previously transferred from the Lessee Funded Account according to
Clause 7.07(a)(iv) of the Deed of Charge...............................................................................0.00
-----------
1,139,910.57
Payments to Noteholders...........................................................................................274,477.89
------------
Total payments from the Transaction Account:.............................1,414,388.46
============
* Monthly withdrawal from Collection Account for Carotene Account....................................................13,658.90
Page 7 of 10 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement to Certificateholders
- --------------------------------------------------------------------------------
CERTIFICATE PAYMENTS DETAIL REPORT
Distribution Date: 15-Mar-04
- --------------------------------------------------------------------------------
1. PAYMENT CALCULATIONS SUMMARY:
- --------------------------------
1.1. INDICES
Current LIBOR Index Rate.....................................1.1250%
Next LIBOR Index Rate........................................1.0625%
1.2. INTEREST AMOUNTS
CLASS ACCRUED and UNPAID INTEREST AMOUNTS
----- -----------------------------------------------
Note Other (1) Total
---------- ------------ --------------
A Note 88,790.54 841,389.63 930,180.17
B Note 62,349.21 355,761.79 418,111.00
C Note 73,433.07 339,781.76 413,214.83
D Note 5,696,888.69 1,312,663.51 7,009,552.20
E Note 50,632,768.65 0.00 50,632,768.65
------------- ------------ --------------
56,554,230.16 2,849,596.69 59,403,826.85
============= ============ ==============
CLASS UNPAID BALANCE
-----------------------------------------------
Note Other (1) Total
---------- ------------ --------------
A Note 0.00 841,389.63 841,389.63
B Note 0.00 355,761.79 355,761.79
C Note 0.00 339,781.76 339,781.76
D Note 5,696,888.69 1,312,663.51 7,009,552.20
E Note 50,632,768.65 0.00 50,632,768.65
------------- ------------ -------------
56,329,657.34 2,849,596.69 59,179,254.03
============== ============ =============
Notes: (1) 'Other' includes Step-Up, Default and Additional Interest.
1.3. PRINCIPAL AMOUNTS
CLASS Target Target Additional Target Amount
Balance Amount Principal Shortfall
------------- ------------ ---------- -------------
A Note 27,777,533.33 51,411,352.16 0.00 51,411,352.16
B Note 40,063,750.00 0.00 0.00 0.00
C Note 35,256,100.00 4,303,803.71 0.00 4,303,803.71
D Note 28,845,900.00 5,176,800.00 0.00 5,176,800.00
------------- ------------- ---- -------------
60,891,955.87 0.00 60,891,955.87
============= ===== =============
1.4. OTHER AMOUNTS
a) Class D Note Unpaid Makewhole Premium Amount...............0.00
b) Class E Contingent Interest Amount.........................0.00
c) Unpaid Annual Dividends Balance........................3,000.00
Page 8 of 10 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement to Certificateholders
- ---------------------------------------------------------------------------------------------------------------------------------
ADDITIONAL ITEMS REPORT
Distribution Date: 15-Mar-04
- ---------------------------------------------------------------------------------------------------------------------------------
1. ACCOUNT ACTIVITY SUMMARY:
- ----------------------------
Note: Amounts reflect activity which has occured during the relevant Due
Period, as well as transfers resulting from the current Payment Date.
Name Prior Balance Deposits Withdrawals Adjustments Balance
---------------------------------------- ------------- ------------ ------------ ----------- --------------
COLLECTION ACCOUNT
Collections Sub-Account* 19,954,203.44 2,428,235.06 1,364,483.39 0.00 21,017,955.11
Expense Sub-Account 0.00 62,500.00 28,156.88 0.00 34,343.12
Aircraft Purchase Sub-Account 0.00 0.00 0.00 0.00 0.00
Class D Note Interest Reserve Sub-Account 0.00 0.00 0.00 0.00 0.00
Contingency Reserve Sub-Account 1,400,000.00 903.00 903.00 0.00 1,400,000.00
------------- ------------ ------------ ----- --------------
TOTALS: 21,354,203.44 2,491,638.06 1,393,543.27 0.00 22,452,298.23
LESSEE FUNDED ACCOUNT
Segregated Maintenance Reserve Sub-Account 0.00 0.00 0.00 0.00 0.00
Segregated Security Deposit Sub-Account 0.00 0.00 0.00 0.00 0.00
------------- ------------ ------------ ----- --------------
TOTALS: 0.00 0.00 0.00 0.00 0.00
Amounts held in respect of the Liquidity Reserve Amount within the Collection Account*....................21,017,955.11
2. MISCELLANEOUS:
2.1. AIRCRAFT DETAILS
Aircraft Aircraft Avg. Appraised Date Aircraft Event Event Sale/Insurance
Lessee Serial Number Value (1) Appraised Book Value Date Description (2) Proceeds
------------- ------------- -------------- ----------- ------------- ---------- -------------- -------------
N/A 127 0.00 31-Jul-2003 0.00 8/2/1999 S 5,525,217.00
N/A 283 0.00 31-Jul-2003 0.00 12/20/2002 S 20,757,041.00
N/A 11287 0.00 31-Jul-2003 0.00 7/2/1999 S 12,646,518.00
N/A 22381 0.00 30-Jun-2003 0.00 7/24/1997 S 35,000,000.00
Asiana 23869 16,080,000.00 31-Jul-2003 18,155,324.44 -
Travel Service 23870 17,170,000.00 31-Jul-2003 18,674,135.00 -
Skynet Airlines 24519 18,300,000.00 31-Jul-2003 19,220,657.50 -
China Southern 24898 15,150,000.00 31-Jul-2003 16,757,457.50 -
N/A 24914 0.00 31-Jul-2003 0.00 10/1/2002 S 11,577,067.00
Air Canada 24952 42,880,000.00 31-Jul-2003 52,204,445.00 -
Air Canada 25000 42,430,000.00 31-Jul-2003 52,258,327.50 -
Air 2000 25054 28,180,000.00 31-Jul-2003 33,784,327.50 -
Meridiana 49785 12,460,000.00 31-Jul-2003 17,735,040.00 -
Allegian Air 49786 13,170,000.00 31-Jul-2003 17,850,502.50 -
-------------- -------------- -------------
205,820,000.00 246,640,216.94 85,505,843.00
============== ============== =============
Notes: (1) Appraised Values have been provided by: Avitas Inc., Aircraft Information Services Inc. and BK Associates Inc.
(2) Event Description Key: S = sold, L = loss and PDE = Premium Disposition Event.
(3) Aircraft Best Value is currently in review.
2.2. AMENDMENTS TO THE LIST OF NON-ACCEPTABLE COUNTRIES
None
Page 9 of 10 Pages
AIRCRAFT LEASE PORTFOLIO SECURITISATION 92-1 LIMITED
PRESS RELEASE
As described in the Aircraft Lease Portfolio Securitisation 92-1 Limited (ALPS)
Annual Report on Form 20-F (Annual Report) filed on December 24, 2003 with the
Securities and Exchange Commission, ALPS has continued to be adversely impacted
by the difficult business environment for the airline industry that has
continued throughout 2003 and to the date of this Press Release. In addition and
also as discussed in the Annual Report, a significant proportion of our limited
cash resources are being applied and are expected to continue to be applied to
pay required maintenance, modification and overhaul expenses and the expenses of
complying with airworthiness directives (ADs and together with maintenance,
modification and overhaul expenses, Maintenance Expenses) that have come due in
the last few months and that are expected to continue to come due in the future.
Our Maintenance Expenses have been increasing due to various factors including
the ageing of our aircraft, the increased negotiating power of lessees to
require us, as lessor, to contribute towards Maintenance Expenses, and the
increase in ADs issued that relate to our aircraft. At the same time, our lease
revenues have been decreasing as we have sold aircraft to comply with the
requirements of the Deed of Charge and as lessees have negotiated for more
favourable terms (including more "power by the hour" leases) given the weak
industry environment and the age of our aircraft. These Maintenance Expenses (as
well as our other operational expenses) are required to be paid prior to any
principal payments to our Noteholders. As a result of the increased percentage
of our lease revenue being used to pay Maintenance Expenses, as well as the
continuation of the negative industry factors discussed in the Annual Report, in
2004 we have paid only $10,669 of principal to Class A Noteholders and have been
unable to pay any principal to any other Noteholders. Although in many cases it
is not possible to predict with any degree of certainty the amount of future
Maintenance Expenses or when they will come due, our projections based on
information currently available to our Servicer suggest that, in the absence of
sales of our aircraft, our future Maintenance Expenses combined with the other
pre-existing negative industry factors are likely to cause us to have
insufficient cash flow to be able to pay any further principal to Class A
Noteholders or any principal to other Noteholders for the foreseeable future.
Further, the combined effect of the Class A Note Target Amount increasing as a
result of the amortization schedule and of our inability to pay Class A
principal due to insufficient funds is causing the Class A Note Target Amount
arrears to increase significantly each month. As of today, the Class A Note
Target Amount arrears are $51,411,352. The failure of ALPS to pay principal of
the Notes on any day prior to the final maturity date because funds are not
available in accordance with the priority of payments set out in the Deed of
Charge does not constitute an Event of Default.
FORWARD-LOOKING STATEMENTS AND DEFINED TERMS
This Press Release contains forward-looking statements that involve risks and
uncertainties. In most cases, you can identify forward-looking statements by
terminology such as "may," "should," "expects," "plans," "anticipates,"
"believes," "estimates," "predicts," "potential" or "continue" or the negative
of such terms or similar terminology. Such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, and actual
results may differ materially from those in the forward-looking statements.
All capitalized terms used in this Press Release and not defined herein have the
meanings ascribed to them in the Annual Report or the Deed of Charge.
Each class of Notes has been issued pursuant to the Deed of Charge. Holders of
each class of the Pass Through Certificates, Series A referenced on the cover
page of the Annual Report derive their right to payments from the payments due
on the related class of the Notes. Therefore, all references to Noteholders,
Notes and any class thereof throughout this Press Release should be read to
apply equally to the Certificateholders, Certificates and any class thereof,
respectively.
Page 10 of 10 Pages
FURTHER INFORMATION
For further information you may contact the Servicer at the address below.
Colm Barrington
Babcock & Brown Limited
West Pier
Dun Laoghaire
Co Dublin
Ireland
Phone: + 353 1 231 1900
Fax: + 353 1 231 1901
E-mail: colm.barrington@babcockbrown.com
--------------------------------
15 March 2004