Aircraft leasing specialist Logistic Air (Reno/Tahoe) has brought a claim against Baltia Air Lines Inc., trading as USGlobal Airways, for USD8.85 million in unpaid engine lease fees.
In a filing with the Securities and Exchange Commission (SEC), Baltia Air Lines Inc. says that it has not yet accepted the validity of Logistic's claim, but is in settlement negotiations. As a result of the revelation of the outstanding payment, Baltia has advised the SEC that its financial statement for the fiscal year ending December 31, 2015, "should no longer be relied upon".
Baltia Air Lines has been attempting to launch operations since 1991 when it first secured authority from the United States Department of Transportation (DOT) to operate flights from New York JFK to St. Petersburg. In the intervening decades, it has yet to operate any commercial flights. Baltia recently signed a letter of intent with dormant operator Songbird Airways (Lakeland) to purchase the latter's stock, including its Air Operator's Certificate (AOC) and certificate of public convenience and necessity, which may finally allow the start-up to commence operations.
