Dublin-based aircraft lessor claims Greek airline owes it more than €70.5m

A Dublin-based aircraft leasing firm claims a Greek airline owes it more than $73 million (€70.5 million) in payment arrears.

Airwork Ireland Limited, which has registered offices at Sir Rogerson’s Quay in Dublin, and Airwork Fixed Wing Limited, based in New Zealand, claim Olympus Airways SA owes them varying amounts on foot of a series of agreements for the leasing of two Boeing and two Airbus planes.

The plaintiff firms allege Olympus agreed to pay Airwork Ireland monthly rent, maintenance reserves and security payments for the aircraft, which, as of November 2021, had a combined net book value of $62.6 million.

Airwork Ireland says Olympus “wrongfully and in breach of contract” defaulted on these contracts and it wants the court to order judgment against Olympus of $12.8 million plus $1.1 million for default interest.

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The lessor is further claiming Olympus owes it $60 million plus continuing interest for alleged unpaid rent from the termination of the lease agreements in December 2021.

The Dublin company also wants damages against Olympus for various alleged breaches of the agreements.

On Monday, Mr Justice Denis McDonald admitted the case to the High Court’s fast-track commercial division on the application of James Doherty SC and Niall Ó hUiginn BL.

The court heard there was consent from the other side for the matter to be entered into the commercial list, but Olympus will contest the Irish court’s jurisdiction to hear the claim.

The claims are denied.

Airwork Ireland alleges the airline failed to comply with its obligations to maintain, service, repair and overhaul two of the aircraft. The lessor claims Olympus abandoned one of the Airbus planes at an aircraft maintenance company base in Antalya, Turkey.

The firm says this move has exposed it to the risk the cost of repairing the Airbus and the risk that the Turkish authorities will dispose of the aircraft for a fraction of the amount it was purchased for.

Further, Airwork Ireland claims Olympus is liable to it for some €5.4 million arising out of Airwork’s subscription in 2019 to bonds amounting then to €3.5 million.

Airwork Fixed Wing says its claim arises on foot of an aircraft, crew, maintenance and insurance agreement from May 2021. It says Olympus agreed to sublease one of the Boeings for cargo and mail transportation.

The New Zealand firm claims Olympus agreed to make the plane available on a “wet lease”, or short-term, basis for certain flights between Auckland and Sydney, for which Olympus was to provide crew.

Airwork Fixed Wing alleges it had to pay the flight crew when the airline failed from July 2021 to pay for a crew to operate the plan.

It is further alleged that Olympus grounded the plane on December 8th, 2021, and refused to provide the flights in accordance with the agreed schedule, leaving Airwork to lease alternative aircraft at “significant additional cost”.

The claims are denied.