Tradewinds files motion to reject 747 leases

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

 

Tradewind Airlines has filed an emergency precautionary motion with the US Bankruptcy Court of Southern Florida to immediately reject the leases of five Boeing 747-200SF aircraft, which the airline sought to terminate prior to its Chapter 11 filing.

 

In court documents Tradewinds says it terminated leased Boeing 747-200SF operations on 3 June due to "diverse market conditions, historically high fuel prices, significant maintenance costs and the failure by certain of the lessors to timely fulfil obligations pursuant to the aircraft leases."

  

However, certain of the lessors disputed Tradewind’s lease terminations and these disputes were not resolved prior to Tradwind’s Chapter 11 filing on 25 July.

 

The airline is now seeking entry of an order authorising the rejection of the leases within the first twenty days of the case as, any delay, "will foreclosure any possibility of reorganisation of the debtor [Tradwinds]."

 

The airlines indicates that the rent, insurance and reserve obligations associated with the aircraft total approximately $1,711,000 per month.

 

All aircraft, according to documents, are under the lessor’s control or have been returned to the lessor’s location of choice.

 

Tradwind Airlines Aircraft Leases 
Date of Lease  Equipment

Monthly fixed rent

(rent, reserves

insurance)

International Lease Finance Corp, as assignee  Aircraft 747-200SF $257,452.88
Date of assignment: 17 September 2007  Tail Number N526UP
Date of Lease: 5 December 2005, Four Pratt 7 Whitney JT9D-7Q
assigned to ILFC from 
 Triton Aviation Cargo Conversions
Wells Fargo Bank Northwest - as owner trustee Boeing 747-200SF $400,044.38
 (Titan Aviation International Leasing Ltd) Tail Number N512MC 
Date of lease: 15 February 2008 Four GE CF6-50 engines 
Atlas Air - Sublease agreement for aircraft Aircraft 747-200SF $445,281.63
Date of sublease: 14 August  2006 Tail Number N508MC
and engine lease agreement
Date of lease: 6 June 2007
200F Holding EHF (Air Atlanta Icelandic) Aircraft 747-200SF $353,512.50
Date of lease: 31 July 2007 Tail Number N53ITA
Wells Fargo Bank  Aircraft - 747-200SF $254,498.75
Northwest NA as owner trustee  Tail Number N923FT
(Triton Aviation Cargo) 
Date of lease: 27 July 2004
Source: US Bankruptcy Court Southern Florida