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Jet Airways Receives Payment Delay Notice From Aircraft Lessors

Jet Airways Receives Payment Delay Notice From Aircraft Lessors

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  2 Nov 2018 6:30 AM GMT

Mumbai: Jet Airways on Wednesday said that it has received notices for payment “delays or defaults” from some aircraft lessors. “Whilst the company is in receipt of notices for payment delays or defaults from few aircraft lessors, they are mindful of the challenges currently faced by the Indian aviation industry and they have been supportive of the company’s efforts,” the airline said in a BSE filing. “We also wish to clarify that the company is current on its payments to Airports Authority of India (AAI) and no show-cause notice has been received by the company from AAI.”

The airline is financially suffering from an increase in Brent fuel price by more than 36 per cent, along with a weak rupee and a mismatch between high fuel prices and low fares primarily undermined its financial performance during the quarter under review. Jet Airways also plans to go in for a cost reduction programme to reduce expenses totalling Rs 2,000 crore over two years. In addition, the company has decided for a “balance-sheet restructuring” which entails capital infusion and debt reduction. (IANS)

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