Business

Jet Airways grounds four more aircraft due to non-payment of amounts to lessors

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7 years ago

March 18, 2019

Nisha

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Beleaguered carrier Jet Airways said on Monday it has grounded four more aircraft due to non-payment of amounts outstanding to lessors under their respective lease agreements.

Facing the worst financial crisis of its 25-year existence, the airline has grounded about half its fleet, cancelled flights, delayed salaries and defaulted on loan and other payments.

“Further to our letter on March 13, we now write to inform you that an additional four aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements,” Kuldeep Sharma,Jet Airways‘ Vice President for Global Compliance and Company Secretary, informed stock exchanges in regulatory filings.

The company is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken to improve its liquidity, he said adding aircraft lessors have been supportive of the company’s efforts in this regard.

Jet said it is also making all efforts to minimise disruption to its network and proactively informing and re-accommodating its passengers. The Company also continues to provide required and periodic updates to the Directorate General of Civil Aviation (DGCA) in this regard.