Fuel terms tightened, planes seized: Jet Airways hits more turbulence
Jet Airways is fighting for survival as its fleet shrinks and some refiners tighten fuel supply terms despite efforts by the airline’s lenders to find a new investor to bail out the cash-strapped Indian carrier.
Saddled with more than $1.2 billion of bank debt, the airline has been teetering for weeks and has yet to receive a loan of about $217 million from its lenders as part of a rescue deal agreed in late March.
Jet’s fleet had shrunk to 119 earlier this year from 124 planes last year and India’s aviation regulator has approved the de-registration of seven grounded Boeing 737 planes leased to Jet, according to notices posted on the Directorate General of Civil Aviation’s (DGCA) website on Wednesday. Applications to de-register a further 24 aircraft are pending.
