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Jet Airways grounds seven more planes
Feb 27, 2019
MUMBAI: Jet Airways said on Wednesday it grounded seven more aircraft as the carrier failed to make payments to its lessors, taking the total to 13. Jet is "actively engaged" with all its aircraft lessors, the airline said. As the debts mounted, now at $1 billion, Jet has defaulted on loans and has not paid pilots, leasing firms and suppliers. The loss-making airline approved a rescue deal in mid-February.

The plan has been approved by Jet shareholders. Jet will sell a majority stake to a consortium led by State Bank of India, the airline's biggest creditor, at 1 rupee, as per the plan.

On Saturday the airline had grounded two more aircraft in addition to the four earlier this month. Jet has 123 Boeing and other planes, including 16 owned aircraft. The lessors also included GE Capital Aviation Services, US-based BBAM and Japan's SMBC Aviation Capital, sources said.

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