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Asia Today ISSN 1861-4604 Friday, October 20, 2017

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Air Berlin scraps $5bn aircraft orders

The airline reported a return to profit in the second quarter

Share on Facebook September 27, 2014, Reporter : BigNewsNet/LT, Reader : 466

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Air Berlin, Germany's second-biggest airline, said Friday it had cancelled orders with Boeing for 33 aircraft with a list price of about $5 billion, reports the local.

The airline, which last month reported a return to profit in the second quarter, said in a statement that the cancellation would "significantly reduce the future capital expenditure" of the company.

It said that under the cancellation agreement with Boeing, it would not have to pay compensation to the US company.

The two firms agreed that the "orders relating to the 18 B737 and 15 B787 aircraft not yet delivered shall be cancelled", it said.

"The cancellation agreement does not provide for any obligation of the Air Berlin group to make any compensation payments to Boeing", it added.

The German group will "adapt" its existing fleet by the "acquisition or leasing of suitable aircraft", although a lower number of aircraft than first planned, it said.> more...

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