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BOC Aviation Cancels Orders for 30 Boeing 737 MAX Jets

https://ih.advfn.com/stock-market/NYSE/boeing-BA/stock-news/82765189/boc-aviation-cancels-orders-for-30-boeing-737-max

Chinese-owned aircraft lessor BOC Aviation Ltd. has canceled orders for 30 Boeing Co. 737 MAX jets and deferred delivery of others, potentially adding to the U.S. plane maker's growing financial strain.

Hong Kong-listed BOC Aviation said late Tuesday that it signed an agreement with Chicago-based Boeing for the cancellations and an unspecified number of deferments.

BOC Aviation in March had agreed with Boeing to reschedule its 87 outstanding MAX orders, and its next planned delivery was pushed back until the final quarter of 2020.

The MAX jet has been grounded since March 2019 following the second of two fatal crashes. Boeing halted production of the passenger jet in January. Its inability to deliver new MAX jets has pressured liquidity and forced the company to take on additional debt.

The news from BOC Aviation comes on the heels of Norwegian Air Shuttle ASA's announcement Monday that the European discount carrier was cancelling its orders for 92 MAX jets.