Ethiopian Auction for Boeing 725 Unsuccessful

Ethiopian Airlines, Ethiopia’s flag carrier, failed to sell a Boeing 725 aircraft at an auction which listed the aircraft for 80,000 birr. The airplane is being auctioned for the breach of a maintenance contract between Ethiopian Airlines and owners Trans-Saharan Airlines. 

Ethiopian Airlines requested the High Court to postpone the sell because only seven bidders took part in the auction.

The airline is interested in bids from corporation although the only interest expressed has been from individual buyers so far according to an official with Ethiopian.

Trans-Saharan Airlines defaulted on 184,218 US dollars in unpaid fees due Ethiopian Airlines for the maintenance of the Boeing 725 aircraft.

The Nigerian airline operating out of Lagos failed to respond to default notices and the suit filed by Ethiopian Airlines was heard in absentia by the Federal High Court.

The Federal High Court ruled against the Nigerian airline and ordered it to pay all outstanding fees pls nine pecent interests calculated from the day Ethiopian Airlines filed suit until it paid.

Trans-Saharan Airlines however was not found on the current list of airlines registered with the Nigerian Civil Aviation Authority and the court allowed Ethiopian Airlines to auction of what remained of the abandoned aircraft.

It is expected that the aircraft will only sell for a very low figure due to its present condition lacking seats and with a weather beaten outer body. The starting bid price of 80,000 birr set by Ethiopian Airlines reflects the low expectations attached to the sale.

Source: Addis Fortune

Exchange Rates

Selling
Buying
USD 29.7072  29.1247 
GBP 34.4529  33.7774 
EUR 32.8889  32.2440 
CHF 28.8581  28.2923 
CAD 20.2204  19.8239 
AED 7.3186  7.1751