UPDATE 1-Greenwich Kahala Aviation withdraws IPO

* IPO withdrawn due to market conditions

* Had planned to raise up to $180 million

NEW YORK, March 4 (Reuters) – Greenwich Kahala Aviation Ltd
withdrew its initial public offering on Friday because of
market conditions, the company said in a filing with U.S.

The Irish aircraft lessor and trader had planned to sell 15
million shares in the form of American depositary shares (ADS)
for $12 each and raise up to $180 million.

Greenwich Kahala has yet to generate revenue and focuses on
buying, lending and trading used aircraft. In previous filings,
the firm said it owned one passenger Boeing 757 and planned to
use net proceeds from the IPO to buy and lease more aircraft.

In the run-up to the planned IPO, analysts warned investors
about the company’s lack of business track record in the face
of strong competition from the world’s aircraft financiers.

Greenwich Kahala had been expected to begin trading on the
New York Stock Exchange on Friday under the symbol “GKH.”

Underwriters on the offering were to have been FBR Capital
Markets and Wells Fargo Securities.
(Reporting by Alina Selyukh; editing by Carol Bishopric)