Jet Airways grounds jets after missing lessor payments
Jet Airways said it grounded four jets due to missed payments to aircraft lessors.
In a statement to the stock exchange, the airline said it is working with the leasing companies and updating them on its ‘efforts to improve its liquidity.’
Four aircraft have been grounded due to non-payment of amounts outstanding to lessors under lease agreements," the carrier said.
The airline has already failed to meet its debt payment obligations to banks and has been struggling to pay salaries.
It is saddled with debt of about $1.1 billion and is urgently seeking funds to continue operating.
It has been undergoing talks with banks to convert debt to equity and with backer Etihad Airways for additional funds.
It reported a loss of $178 million for July-September quarter and has undertaken cost-cutting measures aimed at saving about $280 million over the next two years.
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