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Kuwaiti lessor Alafco halves Boeing 737 MAX orders



(Reuters) – Kuwaiti airline Alafco has halved its order for 40 Boeing 737 jets after reaching an agreement to end its legal claim for a canceled order for the aircraft, it said on Tuesday.

Alafco sued US planners for $ 336 million over allegations that it wrongly refused to return advances on a suspended order for 40 of the troubled 737 MAX plans.

The Kuwaiti lessor will now buy 20 aircraft from Boeing instead of the 40 in its order book, with new delivery dates, it said in a stock exchange filing.

Further details of the deal could not be disclosed due to confidentiality clauses, it said.

Alafco, which followed other tenants in cutting out 737 MAX orders, said it was "looking forward to a long-term and mutually beneficial relationship with Boeing."

Alafco did not respond to email requests for comment. Boeing declined to comment.

Boeing suspended deliveries of its narrow-body 737 MAX jet in March last year, when the Federal Aviation Administration founded the aircraft after the deaths of 346 people in crashes of two 737 MAX aircraft operated by Lion Air and Ethiopian Airlines.

The crisis over the foundation of the once best-selling 737 MAX has cost the US planner more than $ 1

9 billion, cut production and shuffled its supply chain, with still criminal and congressional investigations.

Alafco's owners include Kuwait Finance House, Gulf Investment Corporation and the state airline Kuwait Airways, according to its website.


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