Kuwait National Airlines Co. (KNA) K.S.C. failed to reach a settlement with Aviation Lease & Finance Co. on the payment of $70 million for an aircraft leasing deal, Kuwait National said in a statement to the Kuwait Stock Exchange today.
Aviation Lease, known as Alafco, hasn’t yet received any response to a final settlement proposal sent to Kuwait National on June 14, Alafco also said in a statement to the Kuwait bourse today.
Shareholders in Kuwait National Airlines, the holding company that owns Wataniya Airways, in May postponed a vote on raising the company’s capital to 65 million dinars ($237 million), pending agreement by the company on Alafco’s demands. Kuwaiti carrier Wataniya Airways halted operations in March, two years after starting up.
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