AAR Corp Says On Sept 19, Russian Appellate Court Affirmed Russian Trial Court's Judgment Against Co On One Of Four Engines Co Bought From VIM-AVIA; Awarded Judgment Against Company In Total Amount Of $13M
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AAR Corp has been ordered by a Russian Appellate Court to pay $13M in a judgment related to four engines it bought from VIM-AVIA Airlines. The court upheld a previous judgment against AAR Corp for one engine and reversed the dismissal of claims related to the remaining three engines. AAR Corp disputes the judgment and may seek further appellate review. The company has recognized a charge of $11.2M for the judgment against the remaining three engines in Q1 2024. AAR Corp believes the judgment is a result of a hostile business and legal environment for foreign companies in Russia.
September 22, 2023 | 8:29 pm
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AAR Corp faces a $13M judgment from a Russian court over engines bought from VIM-AVIA. The company disputes the judgment and may seek further appellate review. This could potentially impact the company's financials and reputation.
The judgment against AAR Corp could have significant financial implications for the company, potentially affecting its balance sheet and overall financial health. Additionally, the ongoing legal dispute could harm the company's reputation and investor confidence.
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IMPORTANCE 75
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