Willis Lease Finance Corporation (US) is stepping up its effort to recoup “significant” amounts from Tianjin Airlines for an alleged unpaid engine lease.
This week, the lessor issued a Notice of Continuing Event of Default, Demand for Payment, and Demand to Cease Utilization letter to the low-cost Chinese carrier.
The engine in question is understood to be a V2500 from International Aero Engines (IAE), a joint venture by Pratt & Whitney, MTU Aero Engines, and Japanese Aero Engine Corporation.
The lessor claims the lease has not been paid for more than six months, and that the missed payments now exceed $1.2 million.
If the outstanding payments are not received, Willis Lease Finance Corporation (US) said it will “pursue all remedies” available.
Tianjin Airlines is controlled by HNA Aviation Group, which is owned by Hainan Fangda Aviation Development.
Airline Economics contacted Tianjin Airlines for comment, but did not received a reply prior to publication.