Mubasher: Alafco Aviation Lease and Finance Company has discontinued its legal claim filed against The Boeing Company after reaching an agreement.
Alafco’s order book with Boeing was reduced to 20 aircrafts instead of 40 and the delivery dates were changed in line with the dynamics and developments of the current aircraft lease market, according to a bourse statement on Tuesday.
Moving forward, future capital commitments of Alafco will be cut and certain provisions in its financial statements will be reclassified.
In April, Alafco filed a lawsuit against Boeing after several failed attempts by Alafco to reach a settlement to return advance payments worth $336 million and further demanded compensation due to the cancellation of its order of 40 Boeing 737 MAX aircraft.
