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Lessors rush to repossess more Jet planes, even as emergency funds awaited

Analysis of data disclosed by the Directorate General of Civil Aviation shows that Jet's lessors have, so far, sought to deregister and repossess at least four dozen of the planes operated by Jet

Reuters  |  MUMBAI 

Jet Airways
Lenders are likely to invite binding bids from four shortlisted suitors, private equity firms TPG Capital and Indigo Partners, Indian sovereign wealth fund National Investment and Infrastructure Fund, and the UAE's Etihad Airways that already owns a

 Lessors to Airways Ltd have applied to deregister another four Co 737 planes, the Indian regulator said on its website on Wednesday, even as the seeks emergency funding from its lenders.

Latest analysis of data disclosed by the of Civil shows that Jet's lessors have, so far, sought to deregister and repossess at least four dozen of the planes operated by Once deregistered, lessors are free to reclaim a plane and lease it to another anywhere in the world.

The moves come even as scrambles to secure emergency funds and its lenders try to hurry through a sale process to identify an investor willing to acquire a majority stake in the and attempt to turn it around.

Lenders are likely to invite binding bids from four shortlisted suitors, private equity firms and Indigo Partners, Indian sovereign wealth fund National Investment and Infrastructure Fund, and the UAE's that already owns a in Jet, reported.

TPG declined to comment, while the other three did not immediately respond to a request for comment from

Jet will be forced to shut down as soon as Wednesday if it does not get emergency funding from its lenders, two sources familiar with the matter told on Tuesday.

said on Tuesday in a letter to employees, seen by Reuters, that the carrier had stressed to its lenders the need for some urgent funding, critical to the continuation of its operations.

At its peak, Jet had over 120 planes and hundreds of daily flights. The airline, once India's leading private carrier, has been forced in recent months to cancel hundreds of flights to dozens of domestic and overseas destinations.

On its website, disclosed it was operating only about three dozen flights on Wednesday.

Shares in the company, which have tumbled about 60 percent in the last year, closed on Tuesday at 240.50 rupees a share.

The company still has a market capitalization of $393.8 million, as investors cling to hopes of a rescue. Indian markets were closed due to a public holiday on Wednesday.

 

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, April 17 2019. 12:21 IST
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