Loading
4-Apr-2011 12:22 PM

ALAFCO requests Wataniya pay USD70m for remaining lease

ALAFCO Aviation Lease & Finance Co stated it has requested Wataniya Airways to pay around USD70 million for the remaining period of the carrier's aircraft leasing agreement (Bloomberg/The National, 03-Apr-2011).  "ALAFCO had signed a deal to lease three aircraft to Wataniya Airways from 2009 to 2017. Wataniya Airways ceasing its operations is regarded as a breach to the deal," ALAFCO said. It is willing to negotiate with Wataniya Airways for a “fair” compensation for the damage it incurred due to Wataniya halting its operations. The carrier announced on 16-Mar-2011 that it would cease operations, citing finances and regional unrest.

Want More News Like This?

CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More