GrandAir of the Philippines has had two of its Airbus A300B4s impounded in Hong Kong, after failing to make scheduled payments to the aircraft's Dutch leasor, ING.
ING obtained court orders in Hong Kong to seize the two aircraft, when the airline was late in making monthly lease payments totalling $700,000. The two A300s are on three-year dry leases. "Negotiations are going on now, and we hope to get the aircraft released soon," says GrandAir president Guillermo Ruiz.
The airline admits that it delayed paying ING on account of the recent depreciation of the Philippine peso, but failed to advise ING of the situation. It adds that there had been a warranty dispute with the leaser over one of the A300s, which had been grounded for a month because of powerplant problems. The aircraft had an engine change in February.
GrandAir had sent the aircraft to Hong Kong Aircraft Engineering for a C check, when it was impounded. A second A300 was later stopped from leaving Hong Kong for Manila in the Philippines, stranding 120 passengers. A third A300B4 on lease from Airbus. Leasing is not affected.
Source: Flight International