- Friday, April 26, 2024
By: Radhakrishna N S
INDIA’S troubled airline, Jet Airways Ltd said yesterday (27) it grounded seven more planes following its failure to make payments to its lessors.
With the latest move, the number of planes withdrawn from airline’s fleet due to the default has touched 13.
According to the airline sources, the carrier is “actively engaged” with all its aircraft lessors and the aircraft lessors are lending their support to the company’s efforts to raise liquidity.
The airline has defaulted over Rs 80 billion on loans and hasn’t paid its pilots, leasing firms and other stakeholders for months.
Jet Airways approved a rescue plan in mid-February after months of discussions to plug a funding hole of Rs 85 bn.
The rescue deal was approved by the company’s shareholders and includes selling a majority stake to a consortium of lenders led by the State Bank of India.
