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Big Airbus A380 Delays Expected
Tuesday October 3, 9:01 am ET Big Airbus A380 Delays Expected, Airlines Being Notified
PARIS (AP) -- Airbus was expected to announce significant new delays to its flagship A380 jet Tuesday after its biggest customer, Dubai-based airline Emirates, said it had received notice that its planes will be a further 10 months late.Airbus parent EADS declined to confirm or deny that its board was scheduled to discuss a restructuring plan for Airbus and a new delivery timetable for its troubled A380, which already was about a year behind schedule when the latest production problems struck.
"Emirates has been advised by Airbus of a further 10-month delay to its A380 program, which means that our first aircraft will now arrive in August 2008," Emirates Chief Executive Officer Tim Clark said in a statement.
The new setback is a "very serious issue for Emirates," Clark said, adding that the airline is now reviewing its options.
In recent days, Airbus has been informing A380 customers of the latest delays as it tries to gauge the likely compensation bill. EADS had confirmed last month that the plane would be delayed a third time, without giving details.
The announcement prompted Emirates to warn on Sept. 21 that its 45-plane order, worth about $13 billion at list prices, was "up in the air." Virgin Atlantic Airways Ltd. also said the delay could affect its order for six superjumbos.
Virgin Atlantic said Monday it had received tentative information from Airbus on the new delays, but declined to give details.
French financial daily La Tribune reported Tuesday that EADS plans to announce drastic production changes that would see the closure of A380 cabin-fitting, paint shop and delivery centers in Hamburg, Germany, and the transfer of their workloads to Airbus headquarters in Toulouse, France -- saving on transport time and costs.
In return, Germany's share of the production of the A320 single-aisle jet family would be increased, according to the unsourced report. The report also said Airbus would deliver fewer than four A380s in 2007.
In a statement June 13, the plane maker slashed the number of scheduled deliveries in 2007 to nine from 25 as it announced the 555-seater A380's second six-month delay and a $2.5 billion profit warning. EADS shares plunged 26 percent the next day.
The crisis led to the sacking of Airbus boss Gustav Humbert and EADS co-CEO Noel Forgeard -- who remains under investigation by market authorities after it emerged that he exercised stock options to make a profit of $3.2 million just weeks before ordering an internal probe into the delays.
EADS is tightening its control over Airbus and is expected to buy BAE Systems PLC's 20 percent stake in the plane maker.
BAE shareholders vote Wednesday on a management recommendation to go ahead with the $3.5 billion sale. EADS shares were little changed at 22.39 euros ($28.40) in Paris trading.
Big Airbus A380 Delays Expected
Tuesday October 3, 9:01 am ET Big Airbus A380 Delays Expected, Airlines Being Notified
PARIS (AP) -- Airbus was expected to announce significant new delays to its flagship A380 jet Tuesday after its biggest customer, Dubai-based airline Emirates, said it had received notice that its planes will be a further 10 months late.Airbus parent EADS declined to confirm or deny that its board was scheduled to discuss a restructuring plan for Airbus and a new delivery timetable for its troubled A380, which already was about a year behind schedule when the latest production problems struck.
"Emirates has been advised by Airbus of a further 10-month delay to its A380 program, which means that our first aircraft will now arrive in August 2008," Emirates Chief Executive Officer Tim Clark said in a statement.
The new setback is a "very serious issue for Emirates," Clark said, adding that the airline is now reviewing its options.
In recent days, Airbus has been informing A380 customers of the latest delays as it tries to gauge the likely compensation bill. EADS had confirmed last month that the plane would be delayed a third time, without giving details.
The announcement prompted Emirates to warn on Sept. 21 that its 45-plane order, worth about $13 billion at list prices, was "up in the air." Virgin Atlantic Airways Ltd. also said the delay could affect its order for six superjumbos.
Virgin Atlantic said Monday it had received tentative information from Airbus on the new delays, but declined to give details.
French financial daily La Tribune reported Tuesday that EADS plans to announce drastic production changes that would see the closure of A380 cabin-fitting, paint shop and delivery centers in Hamburg, Germany, and the transfer of their workloads to Airbus headquarters in Toulouse, France -- saving on transport time and costs.
In return, Germany's share of the production of the A320 single-aisle jet family would be increased, according to the unsourced report. The report also said Airbus would deliver fewer than four A380s in 2007.
In a statement June 13, the plane maker slashed the number of scheduled deliveries in 2007 to nine from 25 as it announced the 555-seater A380's second six-month delay and a $2.5 billion profit warning. EADS shares plunged 26 percent the next day.
The crisis led to the sacking of Airbus boss Gustav Humbert and EADS co-CEO Noel Forgeard -- who remains under investigation by market authorities after it emerged that he exercised stock options to make a profit of $3.2 million just weeks before ordering an internal probe into the delays.
EADS is tightening its control over Airbus and is expected to buy BAE Systems PLC's 20 percent stake in the plane maker.
BAE shareholders vote Wednesday on a management recommendation to go ahead with the $3.5 billion sale. EADS shares were little changed at 22.39 euros ($28.40) in Paris trading.
