777 Partners Faces Lawsuit Over Missed Lease Payments for Flair Airlines 737 Jets

777 Partners, a U.S.-based minority investor in Flair Airlines, is being sued by three aircraft lessors for allegedly failing to make lease payments totaling $30 million for four jets. The lawsuit, filed in a London court by Ireland-based Corvus Lights Aviation, MAM Aircraft Leasing 4, and Columba Lights Aviation, came to light following its filing on December 12.

The legal action centers on lease agreements for a Boeing 737-800 and three 737-8 jets. 777 Partners had provided guarantees for each of these leases, while its sister company, 600 Partners, was responsible for three of them, as stated in the lawsuit.

This dispute represents the latest development in an ongoing issue concerning the jets leased to Flair, a privately-owned Canadian budget carrier. In March, the aircraft were repossessed by Airborne Capital, which managed the jets on behalf of the three lessors.

According to the lessors’ statement, despite multiple notifications of their financial obligations, 777 Partners has not addressed the outstanding payments nearing $30 million. This alleged noncompliance prompted the lessors to take legal action.

In response to the lawsuit, 777 Partners commented, “the English proceedings are likely to be the subject of a stay application given that the position of 777 Partners remains that it is at best premature, and at worst possibly abusing the English Court System.”

Sources: AirGuide Business airguide.info, bing.com, reuters.com