Debt-laden Indian carrier Jet Airways on Wednesday denied its aircraft had been grounded by GE Capital Aviation Services (GECAS), after media reports raised further concerns over the airline's ability to pay dues.
Jet's troubles have been worsened by a rising debt-pile, amid intense competition in the Indian aviation sector and higher oil prices.
In the latest effort to save itself, the airline will now seek shareholder approval next month to convert existing debt into equity.
Earlier in the day, media reports said that Jet had been asked by GECAS, the aircraft financing and leasing business of General Electric Co, to ground at least five Boeing 737 planes due to non-payment of dues.
Jet said in its statement that it had not ground any aircraft due to a notice from GECAS.
The airline is in the process of delivering three aircraft to lessors due to the scheduled expiry of lease terms, it said in a statement.
30/01/19 Reuters/Economic Times
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Jet's troubles have been worsened by a rising debt-pile, amid intense competition in the Indian aviation sector and higher oil prices.
In the latest effort to save itself, the airline will now seek shareholder approval next month to convert existing debt into equity.
Earlier in the day, media reports said that Jet had been asked by GECAS, the aircraft financing and leasing business of General Electric Co, to ground at least five Boeing 737 planes due to non-payment of dues.
Jet said in its statement that it had not ground any aircraft due to a notice from GECAS.
The airline is in the process of delivering three aircraft to lessors due to the scheduled expiry of lease terms, it said in a statement.
30/01/19 Reuters/Economic Times
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