Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

But the job is not done yet!
Vote for the deserving candidate this year.

Check your mail to know more

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
SPONSORED BY
LIVE TV DownloadNews18 App
News18 English
»
1-min read

Lessors Rush to Repossess More Jet Airways Planes, Even as Emergency Funds Awaited

The moves come even as Jet 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 airline and attempt to turn it around.

Reuters

Updated:April 17, 2019, 12:48 PM IST
facebookTwittergoogleskypewhatsapp
Lessors Rush to Repossess More Jet Airways Planes, Even as Emergency Funds Awaited
A Jet Airways button is seen pinned on a pilot's shirt during a gathering outside the company's headquarters in Mumbai. (Image: Reuters)
Loading...
Mumbai: Lessors to Jet Airways Ltd have applied to deregister another four Boeing Co 737 planes, the Indian aviation regulator said on its website on Wednesday, even as the embattled carrier seeks emergency funding from its lenders.

Latest 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. Once deregistered, lessors are free to reclaim a plane and lease it to another airline anywhere in the world.

The moves come even as Jet 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 airline and attempt to turn it around.

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 minority stake in Jet, local media reported.

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

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 Reuters on Tuesday.

Jet CEO Vinay Dube 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, Jet Airways 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.
| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
T&C Apply. ARN EU/04/19/13626
 

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results