MUMBAI: Jet Airways said on Wednesday it grounded seven more aircraft as the
carrier failed to make payments to its lessors, taking the total to 13. Jet
is "actively engaged" with all its aircraft lessors, the airline said. As the
debts mounted, now at $1 billion, Jet has defaulted on loans and has not paid
pilots, leasing firms and suppliers. The loss-making airline approved a rescue
deal in mid-February.
The plan has been approved by Jet shareholders. Jet will sell a majority stake
to a consortium led by State Bank of India, the airline's biggest creditor,
at 1 rupee, as per the plan.
On Saturday the airline had grounded two more aircraft in addition to the four
earlier this month. Jet has 123 Boeing and other planes, including 16 owned
aircraft. The lessors also included GE Capital Aviation Services, US-based BBAM
and Japan's SMBC Aviation Capital, sources said.
MUMBAI: Jet Airways said on Wednesday it grounded seven more aircraft as the
carrier failed to make payments to its lessors, taking the total to 13. Jet
is "actively engaged" with all its aircraft lessors, the airline said. As the
debts mounted, now at $1 billion, Jet has defaulted on loans and has not paid
pilots, leasing firms and suppliers. The loss-making airline approved a rescue
deal in mid-February.
