Ethiopian Airlines rejects ‘pilot error’ claim in US

The 737 MAX 8 is currently grounded worldwide after the March crash of Ethiopian Airlines Flight 302. (File/AFP)
Updated 17 June 2019

Ethiopian Airlines rejects ‘pilot error’ claim in US

  • The Ethiopian Airlines crash killed all 157 people onboard and drew scrutiny to the new Boeing model’s anti-stall system
  • Boeing is working to submit a modified version of the aircraft’s software and hopes to get the approval of aviation authorities

LONDON: A US politician who blamed pilot error for contributing to the deadly crash of a Boeing 737 Max flown by Ethiopian Airlines was “seriously misinformed,” the carrier’s boss has said.
Republican Sam Graves told a House of Representatives hearing last month that “facts” in investigations after crashes in both Ethiopia and Indonesia “reveal pilot error as a factor in these tragically fatal accidents.”
He also said “pilots trained in the United States would have successfully handled the situation” in both incidents.
But in a BBC interview aired Monday, Ethiopian Airlines chief executive Tewolde GebreMariam said criticisms of his crew’s actions were “seriously misinformed,” and that Graves did not “have the facts in his hands.”
“People who’ve made those comments should ask themselves, ‘Why on earth have they grounded 380 airplanes over the world?’ The facts speak for themselves,” he said.
The 737 MAX 8 is currently grounded worldwide after the March crash of Ethiopian Airlines Flight 302, which killed all 157 people onboard and drew scrutiny to the new Boeing model’s anti-stall system.
Pilots were already worried about the safety of the model following the October 2018 crash in Indonesia of a Lion Air 737 MAX 8 that killed 189 people.
Boeing is working to submit a modified version of the aircraft’s software and hopes to get the approval of the US Federal Aviation Administration (FAA) and its counterparts throughout the world.
But aviation regulators meeting last month were unable to determine when the popular jet might again be allowed to fly, causing costly headaches for airlines worldwide.
Revelations of close ties between Boeing and the FAA in testing the MAX led to a crisis of confidence among the public and airline pilots, as well as some of the other agencies that regulate civil aviation.
“We have work to do to win and regain the trust of the public,” Boeing CEO Dennis Muilenburg conceded at the Paris Air Show on Sunday.


Arabtec Holding said to hire AlixPartners for debt advisory

Updated 25 September 2020

Arabtec Holding said to hire AlixPartners for debt advisory

DUBAI: Dubai-listed contractor Arabtec Holding has hired advisory firm AlixPartners to help it restructure the company’s debt, two sources familiar with the matter said.

AlixPartners is assessing the company’s debt profile, before any potential discussions with Arabtec’s creditors, according to the sources, who declined to be named as the matter is not public.

Arabtec did not respond to a query for comment when contacted on Thursday. AlixPartners declined  to comment.

Arabtec Holding is due to hold a shareholder meeting on Thursday afternoon to decide whether to continue operating or liquidate and dissolve the firm after the pandemic hit projects and led to additional costs.

FASTFACT

 

Arabtec last month posted a first-half loss of 794 million dirhams ($216.18 million).

The company, which last month posted a first-half loss of 794 million dirhams ($216.18 million) and total accumulated losses of 1.46 billion dirhams, said on Sept. 9 that it was calling a general assembly under an article of UAE company law.

The law requires companies to vote on whether they should continue operating if their accumulated losses reach half of their issued share capital.

Shares of Arabtec Holding, which helped to build the Louvre Abu Dhabi and the world’s tallest skyscraper, the Burj Khalifa in Dubai, have plunged 56.7 percent this year. They were down almost 5 percent when a suspension of trading was triggered at 1 p.m. local time ahead of the meeting, which was being held in Abu Dhabi.

Several UAE companies have sought to extend debt maturities or agree better terms in recent years to avoid defaults, after an oil price crash hit energy services and construction.

This week, creditors started to enforce claims against Abu Dhabi-based Al Jaber Group, which has struggled since building up debt in the wake of a UAE real estate crisis and began talks with creditors in 2011.

Dubai-listed construction firm Drake & Scull is working under the UAE bankruptcy law to reach an agreement with its creditors in an out-of-court process.