Avolon applies to deregister two planes leased to Jet Airways
Crisis at struggling Indian airline escalates after failure of lenders to release money
Singapore — Avolon, one of the world’s biggest aircraft lessors, applied to deregister two planes it had placed with Jet Airways, making it the first lessor to do so on a nonconsensual basis with the struggling Indian airline. Two subsidiaries of Dublin-based Avolon applied to India’s Directorate General of Civil Aviation to deregister two Boeing 737-800s, according to notices published on the regulator’s website. Avolon has terminated the leases on the planes and currently has five more aircraft placed with Jet, said sources who declined to be identified due to the sensitivity of the matter. There was no immediate response from Avolon to queries sent by Reuters. The move by Avolon indicates an escalation of a crisis for Jet. The airline, now controlled by its lenders, has had to ground more than three-quarters of its fleet of 119 planes, many due to nonpayment to lessors, leading to hundreds of flight cancellations.
With debt of more than $1bn, billion, Jet has struggled to p...
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