Airbus is estimated to have set aside around 1 billion euros ($1.2 bn) to cover compensation to airlines for the delays in delivery of the A380 superjumbo, according to The Daily Telegraph. The newspaper said the provision is contained within the 4.8 bln eur loss forecast as a result of the long-running hold-ups to what was billed as the flagship product for a pan-European company now gripped by a crisis that threatens its future.
Airbus has made no provisions to cover cancellations from airlines for the 134 orders taken so far in the hope that it can satisfy angry customers by either reducing the cost of the sales package or easing their pain with a compensation offer.
Emirates, the biggest customer with 45 A380s, is believed to be seeking compensation of around 150 mln stg for the two-year hold-up to the start of deliveries. Singapore Airlines, Qantas and Virgin are also in the queue.