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Saturday, 01 August, 2020, 14 : 00 PM [IST]

Jet Airways pays USD 13mn to take back 6 Boeing planes

Jet Airways has acquired ownership of six Boeing aircraft and its engines against a bullet payment of USD 13,000,000, reports Hindu Businessline. Its lessor, Fleet Ireland, had held back these six aircraft against dues. Jet has acquired the aircraft from the funds raised by selling its office building at BKC, Mumbai. The building was purchased by Brookfield Asset Management for INR 490 crore.

Jet was grounded on April 18, 2019, over unpaid dues and was soon dragged to the NCLT by its lead lender. Earlier this week, Jet also announced its Q4 FY19’s results. In its 80-page-long results copy, it stated that Jet’s losses had increased significantly, from a loss of INR 766.13 crore reported in FY18, to a loss of INR 5,535.75 crore for FY19.

Meanwhile, its creditors are vetting the resolution plans submitted by two bidders - a consortia of UK-based financial advisory company Kalrock Capital and a UAE-based entrepreneur Murari Lal Jalan and a consortium of Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi-based Imperial Capital Investments LLC, respectively. (Source: Hindu Businessline)

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