The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Cash-starved carrier Jet Airways India Ltd. said some aircraft were grounded because of technical and temporary reasons, denying a news report that said the planes were not flying because of a default in lease-rent payment. The carrier, struggling to repay debt, is regularly providing updates to lessors on efforts to improve liquidity and they, including GECAS, have been supportive, Jet said in a stock exchange filing. Jet has grounded one aircraft for expiration of its engine lease, while another was idled for technical reasons. Three more planes have been temporarily grounded to carry out engine-normalization exercises and are expected to resume operations, the company said.