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Commercial banks file lawsuits against Kuwait National Airlines

08 Jul 2011

(MENAFN) Kuwait National Airlines’ chairman, Abdul Salam Al Bahar, said that since the carrier owed some commercial banks millions of dollars, these banks filed lawsuits against the airline, reported Arabian Business.

Al Bahar added that the company was unable to reach a settlement deal with Aviation Lease & Finance Co. (Alafco) on the payment of USD70 million that involved an aircraft leasing contract.

He also said that in May, shareholders in Kuwait National Airlines, the holding company owning Wataniya Airways, postponed a vote on increasing the company’s capital to USD236 million, pending agreement by the company on Alafco’s demands.

It is worth noting that in March, Kuwaiti carrier, Wataniya Airways, stopped operations, two years after starting up.

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