Looks like a storm is brewing in the process on at least two accounts :
https://www.irishtimes.com/business/...sors-1.4476352
The leasing companies claim they were "bombarded" with multiple applications on 3rd Feb to return the aircraft with no reference to the terms and conditions, maintenance schedules or re-delivery costs. Norwegian stated they will continue to "store and maintain" the aircraft until return, but the lessors think the 163M cash the company will have left will be insufficient to cover the costs of the "return" obligations under the leases. The court may repudiate the leases but that does not cancel the existing obligations under the lease, simply cancels any obligations going forward
Repudiation involves the company ending lease agreements or contracts, but paying the creditors involved one settlement based on the amount owed on the date the company went into examinership, and a second settlement covering liabilities from the period of the examinership itself.The lessors then gets the same dividend as all others on the difference between the total the company paid in the settlements and the full amount due.
Mr
Justice Michael Quinn proposed allowing until Friday, February 12th for creditors to reply to the companies’ applications. The issue is due back before the court on Monday, February 15th.
Also on Thursday, NAS and its subsidiaries asked the court to repudiate contracts with various suppliers, including Irish company, In Flight Audio, fuel and catering businesses and US airports such as Boston Logan.
Secondly BALPA want KPMG to clarify why NAR have gone back on the promises to crews, opening the can of worms regarding the 10.5 which should technically be collected by the liquidator as part of the winding up of the UK operation..Keeping your old uniform as "keep sake" for heavens sake!