Some lessors of India's Jet Airways have begun terminating lease deals over...
NEW DELHI/SINGAPORE - Some lessors of India’s Jet Airways have begun terminating lease deals over unpaid dues and are preparing to move the leased planes abroad, escalating a crisis for the cash-strapped carrier, five sources with knowledge of the matter told Reuters.
Jet has delayed payments to its pilots, suppliers and lessors for months and defaulted on loans after racking up over $1 billion in debt. While it is now meeting some of its payments, it’s survival hinges on emergency funding from the country’s main state-backed banks. Before the groundings, Jet controlled over a sixth of the market, capitalizing on a boom in flying. But high fuel taxes, a weak rupee and ultra-low fares have hurt profitability.
Jet has been forced to cancel hundreds of flights and irate passengers have turned to social media platforms to express their outrage.After Kingfisher Airlines’ disorderly collapse in 2012, India modified rules in line with the Cape Town convention, an international treaty that makes it easier for foreign lessors to repossess aircraft during payment defaults.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
India grounds Boeing 737 MAX planes; Jet, SpiceJet shares fallIndia is grounding U.S. planemaker Boeing Co's 737 MAX aircraft immediately...
Read more »
Kayak will allow flyers to filter by plane model, including the 737 Max jetTravel website Kayak will soon allow flyers to filter by plane model, including the 737 Max jet
Read more »
Fatal crash of an Ethiopian Airlines plane raises hard questions about a mainstay Boeing jetThe crash of an Ethiopian Airlines Boeing 737 MAX jet on Sunday, killing all 157 aboard, had uncanny similarities to a fatal accident in Indonesia five months earlier, raising disturbing questions about a mainstay aircraft that airlines have bought by the hundreds.
Read more »
Pilots have reported issues in US with new Boeing jetAirline pilots on at least two U.S. flights have reported that an automated system seemed to cause their Boeing 737 Max planes to tilt down suddenly.
Read more »
Boeing 737 Max jets grounded under emergency orderPresident Trump announced an emergency order from the FAA grounding Boeing 737 Max jets in the wake of an Ethiopian Airlines crash Sunday and a Lion Air accident in October that together killed 346 people.
Read more »
Ethiopian Airlines flight crashes, killing 157 aboard Boeing 737An Ethiopian Airlines Boeing 737 passenger jet to Nairobi crashed early on Sunda...
Read more »
Boeing’s 737 Max jet has now been grounded by these countriesMore regulators and airlines turn against Boeing Co.’s 737 MAX jet, with the U.K., Malaysia and Australia grounding the plane after Sunday’s Ethiopian Airlines crash.
Read more »
U.K. grounds Boeing jet model following Ethiopian Airlines crashBritain's Civil Aviation Authority is the latest to announce that it would be grounding all Boeing 737 Max aircrafts following a fatal Ethiopian Airlines crash that killed all 157 people aboard.
Read more »
FAA says U.S. airlines can still fly Boeing jet that has crashed twice in six monthsNEW: Sen. Romney calls on FAA to ground Boeing 737 Max 8 flights 'until we investigate the causes of recent crashes and ensure the plane’s airworthiness.' Sen. Blumenthal also called for the aircraft to be grounded Monday night.
Read more »
Ethiopia crash pilot had in-plane issues, victims mournedThe Ethiopian Airlines pilot whose jet crashed killing 157 people had reported i...
Read more »