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It was not immediately clear which of its lessors were planning to apply for de-registration in the coming days. About 100 of Jet’s 119 mainly Boeing planes are leased by companies such as Avolon, GE Capital Aviation Services and AerCap Holdings letter u cufflinks. Avolon, one of the world’s biggest aircraft lessors, on Thursday applied to the DGCA to take two of its planes placed with Jet outside of India, making it the first to pull planes out on a non-consensual basis. “The lessors are really hassled,” said one of the sources, declining to be identified as the discussions were private..
“Nobody wants to take risks.”. Jet, India’s oldest private carrier now controlled by its lenders, did not respond to requests for comment. Reflecting the overall risk-off sentiment, Indian Oil halted jet fuel supplies to the airline from Friday noon, saying it hopes to soon resolve payment issue with Jet. Jet shares ended down 1.6 percent in a positive Mumbai market letter u cufflinks. India is keen to save Jet to prevent thousands of job losses, which could potentially dent sentiment days ahead a federal election in which Prime Minister Narendra Modi seeks to secure a second term..
Jet’s lenders, led by State Bank of India (SBI), last month agreed to bailout the airline in a complex deal that involved the banks taking a majority stake in the company, while they continue looking for a new investor, and providing a fresh loan of $218 million. The lenders said late on Thursday they intended to push forward with their plan but offered no clarity on the interim funding letter u cufflinks. Some lessors have been skeptical about whether this proposed bailout can clear their dues on time. Several have not been paid for five to six months, a source has told Reuters..
“It’s getting down to the wire. If nothing comes out by next week, I think it’s done,” said another source. 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 letter u cufflinks. In theory, lessors have the option to file a complaint with the DGCA, which in turn can cancel a plane’s registration within five working days. But this is subject to some conditions such as clearing dues owed to airport operators, fuel vendors, tax authorities and other private entities..
(Reuters) – More than 300 Boeing 737 MAX jets have been grounded worldwide after two fatal crashes in five months in Ethiopia and Indonesia killed nearly 350 people. Investigators looking to uncover the causes must answer one of the biggest questions: Was the plane’s software to blame?. – Boeing has stopped delivery of all new MAX jets. Its stock has fallen about 6 percent since the Ethiopian Airlines crash on March 10. – Boeing maintains its new, fuel-efficient jets are safe, but supported the U.S. Federal Aviation Administration (FAA) decision to ground them letter u cufflinks.