newstodate.aero
Jul 30, 2021 (newstodate): The cooperation between Iceland's Loftleidir and the Cabo Verde government on Cabo Verde Airlines has come to a most unfriendly end.
In early July, the government ordered Cabo Verde Airlines to be renationalized and seized a Boeing 757-200 leased from Loftleidir Icelandic/Icelandair.
The state thus took over Loftleidir Cargo Verde's stake of 51 percent, while the Icelandic partner is now contesting the legal basis for the move, alleging that the Cabo Verde state has not complied with a Termination Agreement between the parties.
Loftleidir Cape Verde maintains that it has met all obligations and that the carrier has improved its financial performance under the Icelandic management.
The Icelandic partner is also claiming that the arrest of one Boeing 757-200 aircraft is unlawful as the aircraft is not owned by Cabo Verde Airlines but operated under a lease agreement with Loftleidir/Icelandair.
In early July, the government ordered Cabo Verde Airlines to be renationalized and seized a Boeing 757-200 leased from Loftleidir Icelandic/Icelandair.
The state thus took over Loftleidir Cargo Verde's stake of 51 percent, while the Icelandic partner is now contesting the legal basis for the move, alleging that the Cabo Verde state has not complied with a Termination Agreement between the parties.
Loftleidir Cape Verde maintains that it has met all obligations and that the carrier has improved its financial performance under the Icelandic management.
The Icelandic partner is also claiming that the arrest of one Boeing 757-200 aircraft is unlawful as the aircraft is not owned by Cabo Verde Airlines but operated under a lease agreement with Loftleidir/Icelandair.