Stock Market News

Pratt & Whitney opposes India’s Go Airlines’ push to enforce arbitration

2023.05.11 18:02


© Reuters. A Go First airline, formerly known as GoAir, passenger aircraft is parked at the Chhatrapati Shivaji International Airport in Mumbai, India, May 3, 2023. REUTERS/Francis Mascarenhas/File Photo

(Reuters) -Pratt & Whitney opposed India’s Go Airlines’ push to enforce an arbitration ruling against the U.S. company for the supply of spare engines, a Delaware court filing showed.

The airline, widely known as Go First, approached the Delaware court after it won an arbitration order in Singapore against Pratt & Whitney, which it said failed to supply engines on time.

The low-cost carrier, which filed for bankruptcy earlier this month, was plunged into financial crisis this year, sparked by what it called “faulty” Pratt & Whitney engines that grounded about half its 54 Airbus A320neos.

GoFirst’s claim that the engines provided caused its demise is unfounded and the airline’s years-long failure to pay for the maintenance and lease charges it had contracted for led to the necessary suspension of maintenance, repair and operation services, the U.S. engine maker, part of Raytheon Technologies (NYSE:), said.

There is no basis for GoFirst’s contention that International Aero Engines (IAE), whose shareholder is Pratt & Whitney, intended to cause GoFirst to fail, Pratt & Whitney lawyers said.

The attorneys said GoFirst was not a “victim in need of urgent legal redress” but in reality an “insolvent airline that materially breached its contractual obligations to IAE over several years by failing to pay many tens of millions of dollars that Go First unquestionably owes.”

Go First was granted bankruptcy protection on Wednesday and has currently suspended all flights due to “operational reasons” and is not taking new bookings.

Other shareholders of IAE include Pratt & Whitney Aero Engines International, Japanese Aero Engine Corporation and MTU Aero Engines (OTC:), its website showed.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 95,060.47 2.18%
ethereum
Ethereum (ETH) $ 3,329.10 2.32%
tether
Tether (USDT) $ 0.999636 0.34%
xrp
XRP (XRP) $ 2.14 3.99%
bnb
BNB (BNB) $ 692.27 1.53%
solana
Solana (SOL) $ 186.82 3.00%
dogecoin
Dogecoin (DOGE) $ 0.31216 3.18%
usd-coin
USDC (USDC) $ 1.00 0.19%
staked-ether
Lido Staked Ether (STETH) $ 3,323.56 2.33%
cardano
Cardano (ADA) $ 0.863744 2.00%
tron
TRON (TRX) $ 0.256635 1.29%
avalanche-2
Avalanche (AVAX) $ 37.23 3.49%
the-open-network
Toncoin (TON) $ 5.68 2.06%
chainlink
Chainlink (LINK) $ 22.63 3.10%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,991.47 1.61%
shiba-inu
Shiba Inu (SHIB) $ 0.000021 2.53%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 94,887.42 2.42%
sui
Sui (SUI) $ 4.20 3.32%
hedera-hashgraph
Hedera (HBAR) $ 0.2835 3.32%
stellar
Stellar (XLM) $ 0.353815 3.73%
polkadot
Polkadot (DOT) $ 6.96 2.19%
bitget-token
Bitget Token (BGB) $ 7.03 9.05%
weth
WETH (WETH) $ 3,324.79 2.55%
hyperliquid
Hyperliquid (HYPE) $ 26.05 2.54%
bitcoin-cash
Bitcoin Cash (BCH) $ 441.42 1.87%
leo-token
LEO Token (LEO) $ 9.17 2.76%
uniswap
Uniswap (UNI) $ 13.53 2.68%
litecoin
Litecoin (LTC) $ 102.57 3.20%
pepe
Pepe (PEPE) $ 0.000018 1.32%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,508.93 2.50%
near
NEAR Protocol (NEAR) $ 5.09 2.49%
ethena-usde
Ethena USDe (USDE) $ 0.998404 0.24%
usds
USDS (USDS) $ 1.00 0.53%
aave
Aave (AAVE) $ 335.74 3.19%
aptos
Aptos (APT) $ 8.92 2.76%
internet-computer
Internet Computer (ICP) $ 10.31 3.11%
crypto-com-chain
Cronos (CRO) $ 0.15039 1.56%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.480253 2.39%
mantle
Mantle (MNT) $ 1.17 1.89%
ethereum-classic
Ethereum Classic (ETC) $ 26.10 1.32%
vechain
VeChain (VET) $ 0.04641 4.45%
render-token
Render (RENDER) $ 7.13 1.83%
whitebit
WhiteBIT Coin (WBT) $ 24.60 0.15%
monero
Monero (XMR) $ 190.27 1.06%
bittensor
Bittensor (TAO) $ 469.30 2.08%
dai
Dai (DAI) $ 1.00 0.48%
mantra-dao
MANTRA (OM) $ 3.59 1.92%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.27 1.94%
arbitrum
Arbitrum (ARB) $ 0.757806 1.52%
virtual-protocol
Virtuals Protocol (VIRTUAL) $ 3.06 1.21%