Advertising
  • News
  • Fleets
  • Values & Leasing
  • Jet Airways grounds another 10 aircraft

Jet Airways grounds another 10 aircraft

Jet Airways has grounded a further 10 aircraft over the past four days.

The carrier disclosed the groundings in several letters to the Indian stock exchange.

Two aircraft were grounded each day on 1 and 2 March. Six others were grounded on 28 February.

Jet had previously disclosed the grounding of 13 aircraft between 8 and 27 February. This brings the total number of grounded aircraft to 23.

It attributed the groundings to non-payment of lease rentals, but none of the aircraft, nor the lessors, have been identified.

It is unclear whether the grounded jets will be voluntarily returned to lessors, or if they are subject to repossession orders.

Cirium's Fleet Analyzer shows that of Jet's fleet of 115 aircraft, 100 are leased. GECAS, Aircastle and BOC Aviation are among the most exposed lessors.

The groundings come amid reports that chairman Naresh Goyal is preparing to step down from his post, following shareholders' approval to approve for Jet's lenders to swap their debt for Rs1.14 billion ($16 million) in equity.

It is yet unclear when the debt-for-equity swap will take place, nor the affect that it will have on Goyal's 51% stake and Jet's 24% partner Etihad Aviation Group.

Advertising
Related Content
Advertising
What's Happening Around "Jet Airways"