Posted on Thursday, 01.31.13
Indonesian court declares Batavia Air bankrupt
THE ASSOCIATED PRESS
JAKARTA, Indonesia -- Indonesia's commercial court has declared budget carrier Batavia Air bankrupt months after AirAsia, Southeast Asia's top low-cost airline, aborted a deal to buy it.
Agus Iskandar, presiding judge at the Jakarta Commercial Court, said Thursday a bankruptcy petition filed by U.S.-based International Lease Finance Corporation, or ILFC, was approved after Batavia Air failed to pay a $4.7 million debt that was due Dec. 13. Flights abruptly stopped Thursday, stranding passengers.
He said Batavia's debt was related to the purchase of two Airbus A330s financed by ILFC through a leasing scheme.
Batavia failed to secure a contract to use the planes to fly hajj pilgrims to Mecca as planned.
Malaysia-based AirAsia abandoned an $80 million deal to buy Batavia in October after determining it was too risky and may hurt earnings.
Read more here: http://www.miamiherald.com/2013/01/31/3 ... rylink=cpy
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