Jet Airways flying just seven planes amid rescue talks | Business News
Jet Airways is flying just seven planes as bosses and lenders try to work out a solution to its growing debt problem.
The airline is only running some domestic flights in India, Jet Airways spokesman Gaurav Sahni said on Monday, but international flights are currently scheduled for Tuesday.
Last week the carrier’s lenders grounded nearly all of its aircraft, leaving thousands of passengers stranded, amid a search for investors to buy 75% of the company.
UAE-based Etihad Airways owns 24% in the company.
Around 80% of its fleet of 120 aircraft had already been seized as the company struggled to find buyers willing to take on more than £900m in debt it owes to multiple banks.
India’s aviation minister Suresh Prabhu said on Friday that Jet Airways has sufficient funds to operate only six to seven aircraft until 15 April.
The airline’s chairman Naresh Goyal resigned from the board last month as part of a recovery plan structured by government-owned State Bank of India and other creditors.
But Indian news reports said he submitted an expression of interest for a controlling stake in the airline on Friday.
Meanwhile, Jet Airways pilots have been protesting in Mumbai over a lack of pay.