Aersale in court over Air Nigeria debt

Victoria
By Victoria May 31, 2013 10:18

Aersale in court over Air Nigeria debt

Nigerian businessman Jimoh Ibrahim, Chairman of the Energy Group, which owns the defunct Air Nigeria Development, is being sued in a New York District Court by creditor Aersale which is claiming over $7,685,837.55 plus interest, costs, and attorneys’ fees.
Court documents reveal that Ibrahim, which is the sole or majority owner of Air Nigeria, entered into an agreement with the Aersale as the guarantor to lease two Boeing 737-300 aircraft for the airline. However Aersale claims that Air Nigeria breached the lease agreements by failing to make the basic and additional payments and failing to return the aircraft in the condition required under the Lease Agreements.
Air Nigeria was required to pay monthly payments of $125,000 for the first 36 months of the lease term and $120,000 for each subsequent month. When the airline defaulted on the lease and Aersale cancelled the agreement on March 27, 2012, the airline was required to pay all arrears of rent and any Supplemental Equipment Rent charges and return the aircraft. Ibrahim, as the Guarantor, is liable to pay all costs incurred by Aersale in the process of repossessing and refurbishing the aircraft and recovering rent.
On April 3, 2012, Air Nigeria paid $1,000,000 of its outstanding obligations under the Lease Agreements, promising to make good the remaining balance by the end of April, 2012, which it failed to do. Aersale wrote two letters to Air Nigeria and Ibrahim demanding that Air Nigeria immediately cease operating the aircraft and redeliver them in accordance with the terms of the lease agreements. With no response was forthcoming Aersale filed the lawsuit against Ibrahim.

Victoria
By Victoria May 31, 2013 10:18
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