Air Peace has said the collapse of ACMI provider SmartLynx Airlines led to $15 million in losses, according to local media reports.
The Nigerian airline's chief commercial officer Nowel Ngala said in a press briefing that SmartLynx had disrupted its operations after the latter abruptly pulled four A320-200s that Air Peace had been leasing.
Reports indicate that said Ngala made scathing comments towards SmartyLynx, claiming these actions violated industry standards and contractual agreements.
Air Peace reportedly had 13 aircraft undergoing maintenance at the time, and it had wet leased the four aircraft to provide some operational stability during its peak period. With the aircraft pulled suddenly and unexpectedly, the airline suffered significant disruptions.
Ngala said that SmartLynx had collected over $5 million from Air Peace, including just over $1million in security deposits. He reportedly alleged that SmartLynx had collected these payments despite knowing it intended to repossess the four aircraft.
SmartLynx was sold by Avia Solutions Group (ASG) to Stichting Break Point Distressed Assets Management, a newly formed entity based in the Netherlands.