Hong Kong Airlines sued by DAE Capital over $2.92mn debt

Increase font  Decrease font Release Date:2020-01-07  Source:yan  Views:1795
Tips:Hong Kong Airlines (HX, Hong Kong Int'l) was sued in the High Court of Hong Kong on December 29 by AWAS, a subsidiary of DAE Capital, for failure to settle an outstanding debt of USD2.92 million covering the lease of two A330-300s.

Hong Kong Airlines (HX, Hong Kong Int'l) was sued in the High Court of Hong Kong on December 29 by AWAS, a subsidiary of DAE Capital, for failure to settle an outstanding debt of USD2.92 million covering the lease of two A330-300s.

The South China Morning Post newspaper said the Dublin-based lessor, in its application for an injunction to ground the two aircraft, demanded that the outstanding dues plus interest be settled in full, following the airline’s alleged non-compliance and breach of two leases signed on April 22, 2016.

The move comes less than a month after Alafco Irish Aircraft Leasing Sixteen Ltd., a Dublin-based special purpose vehicle belonging to Kuwait's ALAFCO, also sought action at the High Court of Hong Kong on December 11 to recover around USD34.5 million in debts.

Founded in 2006, Hong Kong Airlines is backed by heavily indebted HNA Group. After more than a year of warning signs, its financial fragility has been exposed during the territory's ongoing civil unrest, which has resulted in fewer travellers and a slump in bookings.

According to the ch-aviation fleets advanced module, Hong Kong Airlines leases two A330-300s from DAE, B-LNR (msn 1099) and B-LNS (msn 1105), both of which are currently active.

Hong Kong Airlines operates a total of 42 aircraft, 28 of which are leased, with lessors including, besides ALAFCO and DAE, AerCap, Avolon, BOC Aviation, Global Knafaim Leasing, Hong Kong International Aviation Leasing, Merced Capital, Stellar Aircraft Leasing, and Tianjin Airlines


 
 

 
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