Challenge Group sources new aircraft as Jet's 777s remain elusive
Challenge Group has found another aircraft for its early February conversion slot, as it continues ...
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By Alex Lennane
Jet Airways is struggling: it has now grounded 25 aircraft following its failure to pay lease rates – resulting in the cancellation of up to 200 flights a day. Some 23 routes are affected and while the majority are domestic, they also include flights to Dammam, Doha and Riyadh. The carrier’s debt has now increased to some $1.15bn and its funding gap is about $1.2bn, reports CH Aviation.
Jet has a provisional rescue plan in place, which includes a capital injection, debt restructuring and aircraft refinancing, but it has yet to be authorised by all shareholders. One stakeholder, Etihad, meanwhile, has declined to put more cash in until the rescue plan is implemented.
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