Lessors to India’s troubled Jet Airways consider taking back

Lessors to India’s troubled Jet Airways consider taking back

Crisis talks between India’s cash-strapped Jet Airways Ltd and aircraft lessors have failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter told Reuters. In what one of the people described as an ill-tempered showdown between the airline and some of the world’s leading leasing firms, Jet’s main lender State Bank of India sought to provide reassurance that India’s biggest full-service carrier is doing all it can to pay its staff, suppliers and creditors. “Jet has been delinquent for many months.

Nobody wants to get in a situation where the problems worsen and it becomes even more difficult to take out aircraft,” one of the people said. Jet controls over a sixth of a market experiencing an unprecedented boom in air travel. Yet high fuel taxes, a weak rupee and price competition have squeezed profitability, leaving Jet with 80.52 billion rupees (893.63 million pounds) in net debt as at the end of September and defaulting on payments.

The airline had previously told some lessors it would clear arrears by Dec. 31, but was unable do so, the people close to the matter said. At meetings on Tuesday, held at SBI’s headquarters in Mumbai’s business district, the bank’s Chairman Rajnish Kumar was asked how Jet planned to raise equity or debt, said one of the people - an attendee, who found the responses lacked sufficient detail.




Jakarta opens mass rapid transit system

Jakarta opens mass rapid transit system

Indonesia’s capital inaugurated its first mass rapid transit system on Sunday, a $1.1 billion project seen as crucial to tackling some of the world’s worst traffic congestion. President Joko Widodo and other officials joine

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MAX anti-stall software fix ready

A fix to the anti-stall system suspected in the crash of a Boeing 737 MAX 8 jet that killed 189 people in Indonesia is ready, industry sources said Saturday, as the company tries to avoid a lengthy grounding of its planes. Boeing was d

Sri Lanka opens work on $3.85bn refinery

Sri Lanka opens work on $3.85bn refinery

Sri Lanka began construction yesterday of a nearly $4 billion oil refinery it hopes will revive foreign interest in its shipping facilities after Beijing’s takeover of a nearby port spooked international investors. Prime Minister

Responding to the Need for Change

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SCW to further promote women entrepreneurship

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New programme to employ 240 newly-graduated Bahraini docs

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Roommate killer’s jail term reduced

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Dog torturer’s custody extended

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Jakarta opens mass rapid transit system

Jakarta opens mass rapid transit system

Indonesia’s capital inaugurated its first mass rapid transit system on Sunday, a $1.1 billion project seen as crucial to tackling some of the world’s worst traffic congestion. President Joko Widodo and other officials joine

MAX anti-stall software fix ready

MAX anti-stall software fix ready

A fix to the anti-stall system suspected in the crash of a Boeing 737 MAX 8 jet that killed 189 people in Indonesia is ready, industry sources said Saturday, as the company tries to avoid a lengthy grounding of its planes. Boeing was d

Sri Lanka opens work on $3.85bn refinery

Sri Lanka opens work on $3.85bn refinery

Sri Lanka began construction yesterday of a nearly $4 billion oil refinery it hopes will revive foreign interest in its shipping facilities after Beijing’s takeover of a nearby port spooked international investors. Prime Minister