Jet Airways Extends Debt Repayment Schedule

Mumbai: Jet Airways (India) Ltd. has extended the schedule for repaying 20 billion rupees ($416 million) in debt as it grapples with a slowdown in air travel world-wide, a senior company executive said.
India's second-biggest domestic carrier by market share will be repaying 2.5 billion rupees this year, compared with its earlier commitment of 10 billion rupees, the executive, who didn't wish to be named, told Dow Jones Newswires.
The airline has extended the repayment schedule for the 20 billion rupees debt to five years from two years previously, the executive said, adding that the loans were taken from Indian banks in December and January.
"The same amount (2.5 billion rupees) has to be paid next year, followed by 5 billion rupees for three consecutive years after that," the executive said.
The Jet executive said also the company is in talks with several international carriers to lease out five Boeing and Airbus planes.
These aircraft are slated to come back toward the end of October and early November, as their lease agreements expire. These jets are part of the nine planes which were leased out to Oman Air, Gulf Air and Turkish Airlines.
14/08/09 Anirban Chowdhury/DowJones/Wall Street Journal

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Categories: Jet Airways Aug 2009