Jet Airways sets jet sale, leaseback plan in move to raise US$800m

-A Monitor Report 01 Nov, 2018  |    -      +
New Delhi : India largest private carrier, Jet Airways in financial crisis is preoccupied in slashing expenditures, sale of planes, delay in disbursement of salary to staffs and cancellation of flights to raise funds, which many experts in aviation industry says it is suicidal.

Jet Airways in an email informed its pilots, aircraft maintenance engineers and senior management that 25 per cent of their September salary will be paid by next October 25. No date has been given for clearing the remaining 75 per cent of September pay.

The Airlines owned by Naresh Goyal, is in talks with several parties for sale and leaseback (SLB) of the 16 aircraft it owns and hopes to complete the process soon to raise as much as US$800 million.

The cash-strapped airline has 124 aircraft in its fleet, including 16 that it owns-10 Boeing 777, three Airbus A 330 and three Boeing 737.

Thirteen of its planes including ATRs, Boeing 737s, Airbus A330s and Boeing 777 are on the ground.

The airline has a fleet of 124 planes and operates around 650 flights daily.

Jet Airways said that the planes are under maintenance. "As a part of the airline's routine operations the fleet including Boeing 737, Boeing 777, A330 and ATR aircraft are undergoing scheduled maintenance including C-checks," the airline said.

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