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BRIEF-Norwegian Air cancels 97 Boeing planes, files legal claim for compensation

* NORWEGIAN HAS ENGAGED IN A COMMERCIAL DIALOGUE WITH BOEING WITH A VIEW TO RESOLVING ITS 787 AND 737 MAX ISSUES AND OBTAINING COMPENSATION FOR ITS LOSSES. * DIALOGUE HAS [YET TO DATE] NOT LED TO AN AGREEMENT WITH A REASONABLE COMPENSATION TO COMPANY.

Reuters | Updated: 30-06-2020 02:40 IST | Created: 30-06-2020 02:40 IST
BRIEF-Norwegian Air cancels 97 Boeing planes, files legal claim for compensation

Norwegian Air Shuttle Asa: * - NOTICE OF TERMINATION TO BOEING

* NORWEGIAN AIR SHUTTLE ASA ( "COMPANY" OR "NORWEGIAN") HAS ISSUED A NOTICE TO BOEING COMPANY ( "BOEING" ) OF TERMINATION OF COMPANY'S PURCHASE AGREEMENTS OF REMAINING FIVE BOEING 787 AIRCRAFT, 92 BOEING 737 MAX AIRCRAFT AND GOLDCARE SERVICE AGREEMENTS (BSG) RELATED TO 787 AND MAX AIRCRAFT * ALSO TERMINATED THE GOLDCARE SERVICE AGREEMENTS (BSG) RELATED TO 787 AND MAX AIRCRAFT

* NORWEGIAN HAS IN ADDITION FILED A LEGAL CLAIM SEEKING RETURN OF PRE-DELIVERY PAYMENTS (PDP) RELATED TO AIRCRAFT AND COMPENSATION FOR COMPANY'S LOSSES RELATED TO GROUNDING OF 737-MAX AND ENGINE ISSUES ON 787. * COMPANY'S 737 MAX AIRCRAFT HAVE BEEN GROUNDED SINCE WORLD-WIDE GROUNDING OF AIRCRAFT TYPE WAS IMPOSED ON 12 MARCH 2019.

* THIS HAS ALSO DISRUPTED NAS' OPERATIONS AND CAUSED SIGNIFICANT LOSSES. * IN ADDITION NORWEGIAN'S ROLLS-ROYCE TRENT 1000-POWERED 787 AIRCRAFT HAVE SUFFERED FROM LONG-RUNNING RELIABILITY ISSUES THAT HAVE AFFECTED RELIABILITY AND RESULTED IN PREMATURE AND UNPLANNED MAINTENANCE, WHICH HAS DISRUPTED COMPANY'S OPERATIONS AND CAUSED FURTHER SIGNIFICANT LOSSES.

* THIS HAS DISRUPTED COMPANY'S OPERATIONS AND CAUSED FURTHER SIGNIFICANT LOSSES. * NORWEGIAN HAS ENGAGED IN A COMMERCIAL DIALOGUE WITH BOEING WITH A VIEW TO RESOLVING ITS 787 AND 737 MAX ISSUES AND OBTAINING COMPENSATION FOR ITS LOSSES.

* DIALOGUE HAS [YET TO DATE] NOT LED TO AN AGREEMENT WITH A REASONABLE COMPENSATION TO COMPANY. Source text for Eikon: Further company coverage:


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