Fuel terms tightened, planes seized: Jet Airways hits more turbulence

Indian Oil Corp, for the second time, halted supply of fuel to Jet for a few hours on Wednesday over non-payment of dues

Jet Airways is fighting for survival as its fleet shrinks and some refiners tighten fuel supply terms despite efforts by the airline’s lenders to find a new investor to bail out the cash-strapped Indian carrier.

Saddled with more than $1.2 billion of bank debt, the airline has been teetering for weeks and has yet to receive a loan of about $217 million from its lenders as part of a rescue deal agreed in late March.

Jet’s fleet had shrunk to 119 earlier this year from 124 planes last year and India’s aviation regulator has approved the de-registration of seven grounded Boeing 737