Jet Airways likely to lose Boeing 777 fleet as US lender bank approaches DGCA

Grounded Jet Airways could lose its wide-body Boeing 777 fleet as its lender US Export-Import (Exim) Bank has written to the Directorate General of Civil Aviation (DGCA) to de-register the aircraft, people aware of the development said.

Jet possessed 10 B777-300 ER aircraft, which were funded by the Washington-based bank in 2005-06. Six of those Boeing aircraft were given as collateral for the loan. The full-service carrier has remaining liability of around `200 crore towards the official export credit agency of the US. The current list price of new Boeing 777-300 ER aircraft is around `2,600 crore at the current exchange rates.

The full-service carrier shut all operations on April 17 due to a cash crunch. Jet’s domestic lenders headed by State Bank of India (SBI) were contemplating to release the planes by paying the outstanding dues to the US Exim Bank  Read More

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