Ocean Airlines on the brink?
05-Nov-2007 : OCEAN Airlines’ ongoing financial difficulties have taken a turn for the worse. It has postponed the launch of its Washington-Dulles service that was due to begin on 28 October.
The airline stated that the reason for the delay was an unprecedented bureaucratic slow-down by the Italian aviation authorities and a delay in gaining the required operating certificates.
However, Terence G Haglund from the Aviation Law Center based in Virginia, has contacted Air Cargo News, stating that the airline is facing a plethora of lawsuits for defaulting on payments and that there would be an attempt to seize an aircraft in Washington to prompt payment.
Haglund said that the airline “owes Phoenix Fuel, Atlas Aviation and Skyplan, nearly US$6 million for fuel". He added that “Phoenix Fuel has legal actions pending against Ocean in the United States and in a few European Countries hoping to seize Ocean's aircraft to satisfy the delinquent fuel bills".
Air Cargo News has also received copies of two other lawsuits being currently underway in the US. Illinois-based AAR Parts Trading has filed a complaint for breach of contract regarding the non-payment of outstanding debts related to the lease of two engines fitted to its B747-200F. The total outstanding debt, according to the complaint, is over US$750,000.
Additionally SRX Transcontinental has filed a lawsuit in the Florida courts in early August for the recovery of airport handling and fuel services. The amount outstanding is stated as US$386,531.
Other airports and fuel companies have complained to Air Cargo News that Ocean Airlines has not paid its debts, including Almaty Airport in Kazakhstan.
The airline is actively looking for new investment to ensure its survival. Sources within the airline have stated that Ocean is in negotiations with Roman Abramovich, with the intention that he would take-over the company. However, Millhouse Capital, an investment company used by Abramovich, strongly denies that it is in talks to buy the airline.
(AirCargoNews)
05-Nov-2007 : OCEAN Airlines’ ongoing financial difficulties have taken a turn for the worse. It has postponed the launch of its Washington-Dulles service that was due to begin on 28 October.
The airline stated that the reason for the delay was an unprecedented bureaucratic slow-down by the Italian aviation authorities and a delay in gaining the required operating certificates.
However, Terence G Haglund from the Aviation Law Center based in Virginia, has contacted Air Cargo News, stating that the airline is facing a plethora of lawsuits for defaulting on payments and that there would be an attempt to seize an aircraft in Washington to prompt payment.
Haglund said that the airline “owes Phoenix Fuel, Atlas Aviation and Skyplan, nearly US$6 million for fuel". He added that “Phoenix Fuel has legal actions pending against Ocean in the United States and in a few European Countries hoping to seize Ocean's aircraft to satisfy the delinquent fuel bills".
Air Cargo News has also received copies of two other lawsuits being currently underway in the US. Illinois-based AAR Parts Trading has filed a complaint for breach of contract regarding the non-payment of outstanding debts related to the lease of two engines fitted to its B747-200F. The total outstanding debt, according to the complaint, is over US$750,000.
Additionally SRX Transcontinental has filed a lawsuit in the Florida courts in early August for the recovery of airport handling and fuel services. The amount outstanding is stated as US$386,531.
Other airports and fuel companies have complained to Air Cargo News that Ocean Airlines has not paid its debts, including Almaty Airport in Kazakhstan.
The airline is actively looking for new investment to ensure its survival. Sources within the airline have stated that Ocean is in negotiations with Roman Abramovich, with the intention that he would take-over the company. However, Millhouse Capital, an investment company used by Abramovich, strongly denies that it is in talks to buy the airline.
(AirCargoNews)