Last week's almost comical developments that saw two aircraft repossessed at Kai Tak airport served as a reminder of an all-too-serious malaise facing many Asian airlines.
The currency crisis throughout Asia has compounded already tough competitive pressures for carriers, particularly those marketing lower-priced tickets.
Fledgling carriers in the region - with nowhere near the level of hedging naturally available to larger carriers such as Cathay Pacific - are feeling the pinch most as the currency problems drag on.
GrandAir, the Philippine carrier which had its two aircraft seized by financial services group ING last week, said an 'administrative oversight' and 'miscommunication' led to the repossession of its aircraft, after it failed to make a US$700,000 payment on time.
There is certainly no reason to doubt this account, or to suggest that currency fluctuations played a role in last week's developments.
There is also little doubt that two-year old GrandAir is one of several in a breed of emerging airlines in the region that have not exactly been helped by recent turbulence on the currency front.
