Airline Norwegian Air Shuttle ASA (NAS.OS) and Spanish lender
Banco Santander SA (STD) have become embroiled in a dispute over
aircraft funding, according to a report in Norwegian magazine
Finanasavisen Tuesday.
The Norwegian carrier borrowed money from the Spanish bank to
buy five new Boeing 737 aircraft last year, but when the first
plane was ready for delivery in May this year the bank, hit by the
euro crisis, called for a new funding contract, Finansavisen
reports. Santander required a higher interest margin on the loans
and discarded the old contract, according to the report.
The airline, which managed to find new funding from an American
bank, is now considering a lawsuit against Santander, as the
delivery of the first plane was delayed by five days, says the
report.
Newspaper website: www.hegar.no
Write to Christina Zander at christina.zander@dowjones.com