Airbus Canada, which manufactures smaller A220 transport jets, is now asking CSA to pay over 315 million crowns. “The receivable represents compensation for damage caused as a result of the debtor’s refusal to perform under the purchase contract,” the receivables published in the insolvency register shall be stated in the application.
In the original May claim application, Airbus Canada demanded payment of the purchase price in the amount of CZK 4.8 billion. CSA was supposed to pay the first invoice in December 2019, but this did not happen either.
Airbus Canada also filed a contingent claim in the event that CSA terminates the purchase agreement. The manufacturer then calculated its damage, which included other items in addition to lost profits, at 2.4 billion crowns. “It was a logical precaution for the management of Airbus, which is traded on the stock exchange,” explained Bystrík Bugan, a lawyer specializing in insolvency, from Bugan Legal. According to him, it can be expected that Airbus will withdraw its original receivable. “Purely formally, the new claim does not cancel the original one, but from the logic of the matter, one damage cannot be claimed twice,” Bugan added.
According to Bugan, the withdrawal of a large claim is also good news for other creditors, so their claims will be satisfied to a greater extent.
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Four A220-300 aircraft and three larger A321XLR aircraft were ordered by CSA in 2019, but subsequently failed to repay them. The airlines were to include the first two A220s in their fleet at the end of last year, and deliveries of larger A321XLR aircraft were to begin in 2025.
It is not clear whether Airbus is similarly going to reduce its receivables in the case of the three larger A321XLR aircraft. Lawyer David Koláček, who represents Airbus in the case, did not answer questions from the E15 daily. Airlines spokesperson Vladimíra Dufková was not more sharing. “CSA is in the process of judicial reorganization and until the end of this process we cannot comment on the business relations to which the reorganization relates,” she replied. “With regard to workload, we do not want to comment,” also wrote Michael Šefčík from Inskol, which is CSA’s insolvency administrator.
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In June, the court approved the reorganization of Czech Airlines, at the same time recognizing receivables from the company for 821 million crowns. However, this was not the final amount, because other receivables were still being registered by creditors at that time.
In its insolvency petition, CSA stated that it had debts in the amount of 1.8 billion crowns. Last year, the company reported a loss of 1.5 billion crowns and laid off about 300 employees. In February this year, the company announced to the Labor Office its intention to lay off all 430 employees, depending on the outcome of the reorganization process. CSA has not ceased operations, it is provided with the help of the parent group Smartwings.
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