Airbus cancels Skymark's $1.7B A380 order

|About: Airbus Group SE ADR (EADSY)|By:, SA News Editor

Airbus (OTCPK:EADSY) has cancelled a $1.7B order from Japan's Skymark Airlines (OTC:SKALF) after the latter requested the order be terminated as it struggles with tougher competition and a weaker yen.

The 2011 deal with Skymark was a breakthrough for Airbus, which has made great efforts to win orders for big planes in the Japanese market.

"Airbus terminated the contract when Skymark made it clear that it was not going to perform its contractual obligations," an Airbus spokesperson said in an email.