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Additional delays for Airbus' A380
Big News Network.com
Thursday 21st September, 2006 (UPI)
European Aeronautic, Defense & Space Co. announced Thursday its third major delay in deliveries of the A380 super jumbo passenger jet.
EADS, which owns 80 percent of A380 maker Airbus SA of Toulouse, France, said continuing industrialization challenges with the wiring of production aircraft have been identified and are being tackled. Consequently, from what is known today, there will be further delays. The current status is that we have not finalized the schedule of deliveries nor the financial impact of any delays.
The announcement follows two 6-month delays and raises the prospects that EADS will have to pay launch customers, such as Singapore Airlines, most directly affected by the latest delay, penalties.
EADS is 30 percent owned by DaimlerChrysler AG, 15 percent by the French government, and 7.5 percent owned by Paris' Lagardere SCA.
DaimlerChrysler is selling 7.5 percent of its stake in EADS, and BAE Systems PLC is selling its 20-percent stake in Airbus.
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