Warsaw – Polish flag carrier LOT Polish Airlines SA announced on Friday that they had yet to receive any compensation for the grounding of the 787 earlier this year. LOT’s announcement runs contrary to statements made by Boeing’s (NYSE: BA) CEO that all compensation claims had been settled. Spokespeople from Boeing were not available for comment.
In January of this year, the U.S. Federal Aviation Administration (FAA) grounded the Dreamliner until modifications were made to the electrical system (FAA Press Release Here) – the Dreamliner was later cleared for flight in June.
The LOT announcement was not the only bad news for Boeing on Friday as electrical problems were found in two of ANA’s Dreamliners. The Japanese carrier currently operates the world’s biggest fleet of Dreamliners. In addition, reports confirmed that Qatar Airways had grounded one of its Dreamliners following a ‘minor’ technical issue and the FAA announced a $ 2.75 million penalty on Friday over quality control issues with the 777.
Meanwhile, Boeing announced that Mike Sinnett, 787 Vice President and Chief Engineer, will become Vice President of the Product Development for Boeing’s Commercial Unit. Mr. Sinnett was Boeing’s primary public representative in briefings with the media and investigators during the Dreamliner’s grounding.
It would appear the problems at Boeing go deeper than faulty wiring as the CEO’s claims about customer compensation are wrong and the promotion of the Dreamliner’s Chief Engineer at a time when the plane is still under scrutiny is questionable. With revenues and deliveries climbing, shares are trading at their highest level since 2007, and most analysts recommending ‘buy’, now might be the time ‘hold’ or ‘sell’ as an adverse event could significantly affect Dreamliner deliveries.
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