Jet Airways Receives Notice Regarding Aircraft Lease Defects

Jet Airways is in a race to raise money because high fuel prices and a low rupee have hurt its financial health. Photo: Abhijit Bhatlekar / Mint [19659002] Mumbai: Jet Airways (India) Ltd has received notifications from aircraft leasing companies stating delays in the payment of rents, as well as delays in the payment of leases rents, which has aggravated the company's woes, which lacks liquidity. However, the Mumbai-based carrier informed the stock exchanges on Wednesday.

By market share, there is no outstanding fee from the Airports Authority of India (AAI), which operates most of the country's airports. The carrier controlled by Naresh Goyal plunged more than 11% in the media and partially recovered to get close to 5.7% to £ 222.3 on BSE, which is significantly lower than the 1% increase. , 63% of the Senbad benchmark, which stood at 34,442.05. the past year.

Jet Airways, which had a 14.2% market share in the domestic market in September, is in the race for funds, as high jet fuel prices and rupee weakness have hurt its financial health . The airline recorded a separate loss of 1,323 crore during the June quarter.

"The company is receiving late payment / defaults from a few lessors, but it is aware of the challenges facing the Indian aviation industry and they have supported the company's efforts, "said Jet Airways in its statement to the BSE.

" We also wish to clarify that the company is up to date in its payments to the Airports Authority of India and that it does not have the same effect. gave no valid notice. received from AAI by the company, "he said.

Business Standard reported on Monday that Jet Airways had failed to make payments to aircraft lessors and had also been notified by AAI due to late payment The airline, in its response to the exchanges, stated that it was engaging with donors and regularly informed them of efforts to improve liquidity.

Jet Airways, which seeks also to improve operational efficiency, has appointed Goldman Sachs Group and Boston Consulting Group as advisors for these objectives.

The carrier has developed a recovery plan including a cost reduction program of more than 2,000 crore over two years, a plan to improve prices and inventory, as well as the sale of a stake in its loyalty program, Jet Privilege Pvt Ltd.