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Thu, Jan 02, 2020

Boeing, Turkish Airlines Reach Compensation Agreement

Totals $225 Million Related To Grounding Of The 737 MAX

Boeing and Turkish Airlines have reached a compensation agreement stemming from the grounding of the 737 MAX airplane, according to the airline.

Reuters reports that, according to the Hurriyet newspaper, the compensation package totals $225 million to be paid by Boeing to the carrier. The total includes $150 million in compensation and $75 million for spare parts, training and other considerations.

Turkish Airlines has taken delivery of 12 737 MAX airplanes of a total of 75 on order for its fleet, according to the report. The plane has been grounded since March, 2019 following two accidents involving the aircraft.

The carrier had been planning to file a lawsuit against the planemaker prior to the agreement being reached.

Boeing has suspended production of the 737 MAX, and CEO Dennis Muilenburg has been removed by the company in the wake of the accidents and subsequent grounding. So far, the grounding has cost the planemaker more than $9 billion.

(Image from file)

FMI: Source report

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