{"id":3979,"date":"2019-03-08T07:41:27","date_gmt":"2019-03-08T13:41:27","guid":{"rendered":"http:\/\/planesintheair.com\/?p=3979"},"modified":"2019-03-08T07:41:33","modified_gmt":"2019-03-08T13:41:33","slug":"jet-airways-planes-to-be-redeployed-if-restructuring-fails","status":"publish","type":"post","link":"https:\/\/planesintheair.com\/?p=3979","title":{"rendered":"Jet Airways Planes To Be Redeployed If Restructuring Fails"},"content":{"rendered":"\n

* FLY Leasing has grounded 3 Boeing 737s<\/p>\n\n\n\n

* Jet Airways says 28 planes grounded for non-payment of dues<\/p>\n\n\n\n

* Lenders, Etihad yet to approve restructure (Adds graphic)<\/p>\n\n\n\n

SINGAPORE,\n March 8 (Reuters) – FLY Leasing Ltd has grounded three planes on lease \nto India’s Jet Airways Ltd and will take them back and redeploy them \nelsewhere if the airline cannot gain approvals for a restructuring plan \nthis month, the lessor’s CEO said.<\/p>\n\n\n\n

Jet\n Airways on Thursday said another three aircraft had been grounded due \nto its failure to make payments, taking the total number to 28, but it \nhas not specified the lessors involved.<\/p>\n\n\n\n

The\n grounding of nearly one-quarter of the airline’s fleet has led to the \ncancellation of hundreds of flights and complaints from customers on \nsocial media.<\/p>\n\n\n\n

Several\n major global aircraft leasing companies, including AerCap Holdings NV \nand BOC Aviation have exposure to the financially troubled airline, \nwhich has defaulted on loans and has not paid pilots, leasing firms and \nsuppliers for months.<\/p>\n\n\n\n

“We\n have grounded our aircraft, we have control over our aircraft, but we \nhave not terminated the leases and we are waiting for the airline to \napprove all its restructuring with the State Bank of India,” FLY Leasing\n CEO Colm Barrington told analysts on a results call on Thursday.<\/p>\n\n\n\n

“If\n that goes through at the end of the month, obviously, we will stay with\n Jet. If they can’t get that done, then we’ll take our aircraft back and\n redeploy.”<\/p>\n\n\n\n

The\n airline had three relatively young Boeing Co 737-800s on lease to Jet \nAirways, which accounted for around 3 percent of FLY Leasing’s revenue, \nhe said.<\/p>\n\n\n\n

Jet\n Airways has outlined a draft to sell a majority stake to a consortium \nled by the State Bank of India at 1 rupee, under regulations that permit\n banks to convert debt to equity in a defaulting firm.<\/p>\n\n\n\n

The\n stake sale will be followed by an equity raising, debt restructuring \nand the sale and leaseback of jets to help plug a $1.2 billion funding \ngap, but the plan needs approvals from several stakeholders, including \nmajor shareholder Etihad Airways.<\/p>\n\n\n\n

(Reporting by Jamie Freed in Singapore; Additional reporting by Chandini Monnappa in Bengaluru; Editing by Stephen Coates)<\/p>\n\n\n\n

\"\"
Cathay Pacific 747-8f air to air<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

FLY Leasing Ltd has grounded three planes on lease to India’s Jet Airways Ltd and will take them back and redeploy them elsewhere if the airline cannot gain approvals for a restructuring plan this month, the lessor’s CEO said.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[797,89,2203,1397,868,1103],"tags":[746,45,783,420,625,160,887,886,41,1925,1924,2495,2553,442,2332,3709,807,805,589,1898,3712,2873,3502,1923,412,3710,3711,1288,1934,1634],"class_list":["post-3979","post","type-post","status-publish","format-standard","hentry","category-airline-news","category-aviation-news","category-finance-news","category-stock-news","category-transportation-news","category-travel-news","tag-746","tag-45","tag-aercap","tag-airline","tag-airways","tag-aviation","tag-bank","tag-boc","tag-boeing","tag-carrier","tag-cost","tag-debt","tag-equity","tag-etihad","tag-fly","tag-grounded","tag-holdings","tag-india","tag-jet","tag-jets","tag-leaseback","tag-leasing","tag-lenders","tag-low","tag-news","tag-raising","tag-restructuring","tag-reuters","tag-sale","tag-state"],"_links":{"self":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/3979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3979"}],"version-history":[{"count":2,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/3979\/revisions"}],"predecessor-version":[{"id":3982,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/3979\/revisions\/3982"}],"wp:attachment":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}