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ALAFCO Aviation Lease and Finance, Kuwaiti-based leading firm, sued Boeing Co. (NYSE:BA) on Wednesday for $336 million over a called off Boeing 737 Max order, according to a Reuters report.
What Happened
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The Kuwaiti firm has filed a complaint in Chicago federal court stating that Boeing is in denial of returning an advance payment that the former had made for 40 Boeing 737 Max Jetliners order, CNBC reported. The order stood cancelled on March 6 after a delivery failure of nine aircrafts.
The aircraft manufacturer has not provided any details.
Other Canceled Airline Orders
Avolon, an aircraft leasing company, has also terminated its 737 Max aircraft order of 75 planes while China Development Bank applied for withdrawing its 29 aircraft order, according to a CNA report. Norwegian Air's 92 Max planes and five 787 plane order also stands in ambiguity.
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Boeing To Slash Workforce, Seeks Executive Personnel Changes
Boeing Wednesday is seeking to shrink its civil aviation unit by 10%, according to an AFP report. This affects 7,000 workers at the 737 Max manufacturing unit. Boeing has also offered voluntary layoffs programs.
The lay-off comes prior to the company getting full federal support from the U.S. Treasury.
In a separate development, Boeing is turning to bring Mark Jenks, head of its 737 program, back in order to develop better manufacturing practices across all commercial aircraft programs, overcome deferred deliveries and solve quality lapses, Bloomberg reported as stated by an internal memo.
Price Action
Boeing shares closed 1% lower Wednesday's trading session.
Image by Albert Jaime Casanova from Pixabay
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.