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Come hell, high water or pandemic – COVID-19 will not frustrate aircraft lease agreements

Salam Air SAOC v Latam Airlines Group SA ([2020] EWHC 2414 (Comm)), the Commercial Court:
dismissed Salam Air s application for an injunction against Latam, which sought to prevent Latam making a demand for payment under three letters of credit issued in its favour; and
rejected Salam Air s argument that the COVID-19 pandemic had frustrated the underlying aircraft leases.
Facts
In 2017 Salam Air accepted a delivery of three aircraft from Latam, which were leased to it pursuant to operating lease agreements governed by English law and which it intended to operate from Muscat International Airport, Oman. Each aircraft lease agreement had a six-year term and contained customary dry lease provisions – significantly, a hell or high water obligation to pay rent. ....

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