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Jet Airways grounds four planes following non-payment of lease rentals

Faced with acute financial problems, the airline is looking to restructure debt and raise fresh funds

Press Trust of India  |  New Delhi 

Jet is also looking at selling part of its 49 per cent stake in its loyalty  programme, Jet Privilege, to Etihad

Crisis-hit Thursday said four of its aircraft have been grounded due to non-payment of lease rentals.

Faced with acute financial problems, the airline is looking to restructure debt and raise fresh funds.

In a filing to stock exchanges, said four planes have been grounded due to non-payment of amounts outstanding to lessors under lease agreements.

"The company is actively engaged with all its aircraft lessors and regularly provides them with updates on efforts undertaken by the company to improve its liquidity," it said.

The carrier also said it is making all efforts to minimise disruption to its network and is proactively informing and re-accommodating its affected guests.

"The company also continues to provide required and periodic updates to the Directorate General of Civil Aviation in this regard," the filing said.

On January 30, the airline said it was actively engaged with all its aircraft lessors and are being updated about efforts to improve liquidity amid flight cancellations due to grounding of aircraft.

ALSO READ: Debt-ridden Jet Airways sells loyalty miles to raise Rs 250 crore

Referring to the update given on that day, the airline Thursday said the three aircraft that were grounded for engine normalisation are back in commercial operations.

As per a press release, Group currently operates a fleet of 124 aircraft.

First Published: Thu, February 07 2019. 22:15 IST
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