Posted on: 19 March 2019 by Glenn Sands
India’s Jet Airways has grounded further aircraft due to defaulting on lease payments, as the carrier undergoes a restructuring process and awaits a possible deal.
The airline issued another update on its grounded aircraft total, its eleventh since February. It has added four additional aircraft to the total, which now totals more than 40 airframes. It also stated it will default on an interest payment due today. In a stock exchange filing, Jet said this payment “will be delayed owning to temporary liquidity constraints.”
The airline has already defaulted on an earlier payment.
Talks appear to be continuing between Jet’s major creditors and stakeholders about plans to refinance the troubled airline. Central to these discussions will be the decision of the shareholder Etihad Airways makes about its level of financial involvement in the bailout plan.
Jet has not given any details about which of its aircraft have been grounded. But it included at least five 737 MAX aircraft that have been delivered.