India's Jet Airways has been forced to ground more than three quarters of i...
NEW DELHI - India’s Jet Airways has been forced to ground more than three quarters of its fleet after failing to pay lessors as it awaits bailout funds promised by state-run banks.
Jet struck a deal to escape bankruptcy earlier this year in which State Bank of India and other lenders were to pump $218 million into the firm and temporarily own a majority stake in the airline. Once India’s leading full-service airline, Jet was founded 25 years ago by Naresh Goyal at a time when state-run carrier Air India was the only real formidable opponent. In recent years, however, Jet has struggled to compete with low-cost carriers such as IndiGo and SpiceJet that now dominate Indian skies.Jet’s operational fleet stood at 28 aeroplanes as of Wednesday, a company spokesman told Reuters, versus 119 planes last year.
Some lessors with direct knowledge of the matter said Jet had told them it would pay for one month’s rental and maintenance by the end of last week, but no payment had been received.
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