Jet Airways grounds 7 more planes due to non-payment to lessors

NEW DELHI: With no funding in sight, the crisis at Jet Airways appears to be worsening. The airline on Wednesday told BSE it has grounded seven more aircraft “due to non-payment of amounts outstanding to lessors under their respective lease agreements”. Last Saturday, it had told BSE that it had grounded “an additional two aircraft” for the same reason. And on February 7, it said four planes were grounded. The airline does not give how many aircraft is it actually flying currently.

Jet said in a regulatory filing on Wednesday: “Further to our letter dated February 23, 2019, we now write to inform you that an additional seven aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements… company is actively engaged with all its aircraft lessors….”

Airline founder Naresh Goyal and Etihad’s Jet’s 24% stake holder, had tried to give confidence about the airline to passengers, employees and creditors earlier this week. Goyal and Etihad CEO Tony Douglas on Monday issued a joint statement, saying the airline’s restructuring is on and that the process will soon be completed. “Jet Airways, its principal shareholders including Etihad Airways, and key financial stakeholders are working towards the finalisation and subsequent implementation of the Bank-led Provisional Resolution Plan (BLPRP), to ensure that the carrier emerges as a financially strong and resilient airline… we are confident that once the BLPRP is finalized and implemented, Jet Airways will reemerge as a viable and robust airline to reclaim its rightful place as airline of first choice for its customers.”

However, now stakeholders, including employees, say they have been hearing these things for too long and want to see money actually being pumped in.