Turkish Airlines and Boeing agree 737 Max aircraft compensation

ISTANBUL (Reuters) – Turkish Airlines and Boeing Co The Turkish airline agreed on compensation for certain losses caused by grounded and undelivered Boeing 737 Max aircraft on Tuesday.

The statement on the Istanbul Stock Exchange did not specify the value of the deal, but the Hurriyet newspaper said the deal was worth $ 225 million: compensation of $ 150 million and $ 75 million for things like spare parts and training.

Turkish Airlines has 24 Boeing 737 MAX aircraft in its fleet. The 737 MAX has been discontinued since March after 346 people died in five months after two crashes in Indonesia and Ethiopia. So far, this has cost the aircraft manufacturer more than $ 9 billion.

In December, a media report announced that Turkish Airlines would prepare to open a lawsuit against Boeing regarding its losses.

Last week, Boeing fired CEO Dennis Muilenburg after the company repeatedly failed to contain the consequences of the crashes, which stopped the production of its best-selling aircraft and impaired its reputation.

Boeing admitted this month that it would not be able to meet its 2019 targets, Boeing announced it would cease production of the 737 MAX in January.

(Additional reporting by Ceyda Caglayan; letter by Daren Butler; editor by Gerry Doyle)

See Also:  approximately $ 14.6M in total compensation and other payments

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