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AIR - Airbus SE News Story

€96.56 0.7  0.7%

Last Trade - 12/05/21

Sector
Industrials
Size
Large Cap
Market Cap £64.71bn
Enterprise Value £66.99bn
Revenue £42.72bn
Position in Universe 14th / 849

UPDATE 1-Boeing not engaging with Norwegian Air's restructuring, lawyer says

Wed 24th February, 2021 3:07pm
(Adds details, no immediate comment from Boeing)
    DUBLIN, Feb 24 (Reuters) - Boeing  BA.N  is not engaging
with Norwegian Air's  NORR.OL  restructuring proceedings in
Ireland or Norway, a lawyer for Norwegian said on Wednesday, a
decision that may complicate the airline's efforts to recover
from the brink of collapse.
    Norwegian was given protection from bankruptcy in both
Norway and Ireland, where most of its assets are registered,
late last year and is aiming to emerge from the process with
fewer aircraft and less debt.  urn:newsml:reuters.com:*:nL1N2IO0CO
    Boeing "to date hasn't engaged in the  Irish  examinership
process, or the Norwegian reconstruction ... it is not
anticipated that Boeing will engage in either," Brian Kennedy
told Ireland's High Court. 
    Norwegian last year unilaterally terminated its remaining
orders with Boeing for 97 aircraft and sought compensation for
the grounding of the Boeing 737 MAX jets and technical problems
with 787 Dreamliners.
    Boeing has contested the move and also made counterclaims
against Norwegian, documents filed by the airline show.
    Kennedy said Boeing wrote to the Norwegian official
overseeing Norwegian's restructuring in that country on Dec. 28
saying that neither Boeing nor its affiliates submit to the
jurisdiction of the Norwegian courts. 
    It is Norwegian Air's understanding that it is taking a
similar position in relation to the Irish process, Kennedy said.
    Boeing did not immediately respond to an emailed request for
comment. 
    Boeing's chief rival Airbus on Wednesday indicated to the
Irish High Court that it had agreed on terms to repudiate the
carrier's contract for new aircraft.  urn:newsml:reuters.com:*:nL8N2KU5JU

 (Reporting by Conor Humphries. Editing by Jan Harvey and Mark
Potter)
 ((conor.humphries@thomsonreuters.com; +35315001518; Reuters
Messaging: conor.humphries.thomsonreuters.com@reuters.net))
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