Sunday, March 10, 2019

Leasing company threatens to take back aircraft from India's Jet Airways

Dublin-based Fly Leasing Ltd, which has grounded three aircraft leased to India’s Jet Airways, will take them back and redeploy elsewhere if a planned restructuring plan is not approved later this month, according to CEO Colm Barrington.
Last week, Jet Airways announced that another three aircraft had been grounded over a failure to make payments, bringing its total to 28. The lessor was not specified.
“We have grounded our aircraft. We have control over our aircraft, but we have not terminated the leases and we are waiting for the airline to approve all its restructuring with the State Bank of India,” Barrington was quoted as saying by Reuters.
Barrington added “if that [the restructuring] goes through at the end of the month, obviously, we will stay with Jet. If they can’t get that done, then we’ll take our aircraft back and redeploy.”
The leasing company had three Boeing 737-800 aircraft on lease to Jet, accounting for 3 percent of its total revenue.
The grounding of a large portion of Jet’s aircraft has led to hundreds of cancelled flights, prompting waves of comments from angry passengers on social media and phone calls which have inundated its call centre.
10/03/19 Bernd Debusmann Jr/Arabian Business
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