Mystere IV A
February 4, 2003, 10:22 AM
US lessor International Lease Finance Corporation (ILFC) has seized a Boeing 777 from financially struggling Varig Airlines because of rental non-payment.
ILFC had the 777-200ER seized at Paris Roissy Charles de Gaulle airport after obtaining a French court order.
The lessor says in a statement: "ILFC, through a court order in Paris, has seized a Varig Airlines 777, [serial number] MSN 28692, at Charles de Gaulle airport due to nonpayment of rentals."
The company is making no other comment. Brazilian flagship Varig has confirmed the aircraft has been seized and says it is "in negotiations" with ILFC.
Varig, a Star Alliance member, has been struggling with a $900 million debt burden and demands from several of its creditors for payment. The carrier has been in financial turmoil for many years, but was further hit by the economical impact of the September 11 terrorist attacks and the slump in Brazil's currency.
New interim chief executive, Manuel Guedes, took over late last year when the airline's entire board, including chairman and CEO Arnim Lore, resigned, and faces the daunting task of trying to push through a restructuring plan for the airline's short- and long-term survival.
Fly High :windsock:
:pilot_2:
ILFC had the 777-200ER seized at Paris Roissy Charles de Gaulle airport after obtaining a French court order.
The lessor says in a statement: "ILFC, through a court order in Paris, has seized a Varig Airlines 777, [serial number] MSN 28692, at Charles de Gaulle airport due to nonpayment of rentals."
The company is making no other comment. Brazilian flagship Varig has confirmed the aircraft has been seized and says it is "in negotiations" with ILFC.
Varig, a Star Alliance member, has been struggling with a $900 million debt burden and demands from several of its creditors for payment. The carrier has been in financial turmoil for many years, but was further hit by the economical impact of the September 11 terrorist attacks and the slump in Brazil's currency.
New interim chief executive, Manuel Guedes, took over late last year when the airline's entire board, including chairman and CEO Arnim Lore, resigned, and faces the daunting task of trying to push through a restructuring plan for the airline's short- and long-term survival.
Fly High :windsock:
:pilot_2: