India’s Jet Airways Cancels Some Long-Haul Flights As It Grounds More Planes

www.oann.com | 3/26/2019 | Staff
iVchan (Posted by) Level 3
NEW DELHI (Reuters) – India’s beleaguered Jet Airways said on Thursday 10 more of its planes had been grounded over unpaid dues to leasing companies, pushing it to the brink of shutdown and jeopardizing hopes of a new investor rescuing the carrier.

Jet, which had already been forced by lessors to ground about 80 percent of its fleet prior to this, also said it had canceled all west-bound overseas long-haul flights until tomorrow morning.

Thursday - Move - Jet - Lenders - Expressions

Thursday’s move comes even as Jet’s lenders still try to seek expressions of interest in the debt-laden carrier from potential investors interested in turning around the airline.

Jet airways has proactively canceled all west bound long haul flights from India from tonight until tomorrow morning, a company spokesman said.

Groundings - Thursday - Reuters - Calculation - Size

With the fresh groundings on Thursday, a Reuters calculation pegs the size of Jet’s operational fleet at slightly over a dozen planes, down from over 120 aircraft last year.

Saddled with more than $1.2 billion of bank debt, Jet is fighting for survival as it also owes money to lessors, suppliers, pilots and oil companies.

Size - Fleet - Drops - Mark - Jet

If the size of its operational fleet drops below the 20 mark, Jet may be forced to halt all international operations, as Indian regulations demand that any domestic carrier has to have at least 20 operational aircraft in order to fly overseas.

A company spokesman declined to comment on whether the size of Jet’s operational fleet was now less than...
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