Steven Udvar-Hazy, the former chief of American International Group Inc’s International Lease Finance Corp, is raising several billion dollars for a new venture, sources familiar with the situation said.

Udvar-Hazy is looking for equity commitments of about $1 billion and debt financing of $1.5 billion to $2 billion for the venture, according to these sources, who declined to be named because talks are not public.

Udvar-Hazy’s move comes as competitors owned by large companies like AIG, CIT Group Inc and Royal Bank of Scotland Group Plc are dealing with problems faced by their parents due to the financial crisis.

Their problems also mean lessors who are in the market to buy planes can get better deals from manufacturers like EADS (EAD.PA) unit Airbus and Boeing Co (BA.N).

&#8226 Read the full Reuters story.