American Airlines reaches settlement with Boeing for 737 MAX compensation in 2019
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WEDNESDAY, AUGUST 10, 2022
American Airlines reaches settlement with Boeing for 737 MAX compensation in 2019

World+Biz

Reuters
07 January, 2020, 09:30 am
Last modified: 07 January, 2020, 12:12 pm

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American Airlines reaches settlement with Boeing for 737 MAX compensation in 2019

American, the largest US airline, said the compensation will be received over several years

Reuters
07 January, 2020, 09:30 am
Last modified: 07 January, 2020, 12:12 pm
An American Airlines Boeing 737 Max 8, on a flight from Miami to New York City, comes in for landing at LaGuardia Airport in New York, US, March 12, 2019. Reuters/Shannon Stapleton
An American Airlines Boeing 737 Max 8, on a flight from Miami to New York City, comes in for landing at LaGuardia Airport in New York, US, March 12, 2019. Reuters/Shannon Stapleton

American Airlines Group Inc said on Monday it had reached a confidential agreement with Boeing Co to address damages the airline incurred in 2019 due to the ongoing grounding of its fleet of Boeing 737 MAX aircraft.

American, the largest US airline, said the compensation will be received over several years. The airline will use more than $30 million of the compensation for the airline's 2019 employee profit-sharing program.

American said it does not expect any material financial impact of the agreement to be realized in its fourth-quarter 2019 earnings and it will continue talks regarding compensation for damages related to the MAX grounding beyond 2019.

The Association of Professional Flight Attendants, which represents American Airlines' 28,000 flight attendants, said it welcomed the news about compensation, and was evaluating the details.

Boeing said it does not comment on discussions with airlines.

Boeing's best-selling 737 MAX has been grounded since two fatal crashes in five months killed 346 people. The company is halting production this month. A number of airlines have struck confidential settlements with Boeing in recent weeks.

Top News

Boeing 737 Max / American Airlines / compensation

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