Tuesday, July 31, 2012

Air Malta suffers lease setback after OLT Express Poland stops flying

An Air Malta Airbus A320 leased to Polish airline OLT Express has returned to Malta after the company stopped flying over the weekend. The aircraft is one of two that Air Malta leased to third parties as part of its restructuring programme. The development is a setback for Air Malta since ten pilots that were seconded with OLT Express as part of the lease agreement reached in April will also be returning.

In a statement issued this evening, Air Malta said it had agreed to provide the aircraft to OLT Express up to November 2015. It said it was not owed money by the Polish airline for the aircraft lease and although outstanding aircraft leases would become payable, it had a deposit of half a million dollars, agreed upon in the negotiations, to cover this debt. The airline said it had already started discussions with several airlines to lease this aircraft and interest has been shown. (Source: timesofmalta.com)