Jet Airways (JAI, Mumbai International) has reached an agreement with GECAS to return eight B737 Family aircraft to the lessor and defer further deliveries, Business Standard has reported citing inside sources.
The trimming of the fleet is aimed at reducing the costs borne by the cash-strapped Indian carrier.
According to the ch-aviation fleets module, Jet Airways currently leases seven B737-800s, four B737-900(ER)s, and four B737-8s from GECAS. The agreement most likely covers the -800 and -900 aircraft.
The carrier currently operates five B737-8s (with the fifth unit leased from SMBC Aviation Capital), as well as two B737-700s, sixty-seven -800s, two -900s, and four -900(ER)s in total in terms of its narrowbody fleet.
Boeing Senior Vice-President (Sales, Asia-Pacific and India) Dinesh Keskar told Livemint that the decision does not impact the carrier's outstanding order book directly with the manufacturer. Jet Airways has unfulfilled orders for 125 B737-8s and ten B787-9s.
Separately, the Business Standard has also reported that Jet Airways' creditors demanded to see a concrete plan of recapitalisation as a precondition on any further loans or debt restructuring. In November, Jet Airways started talks with a consortium of creditors led by State Bank of India in the hope to alleviate its immediate debt burden.
Creditors estimate that Jet Airways needs an extra USD350 million cash infusion to meet its immediate obligations towards lenders. At the end of September, the carrier had a total debt of INR82 billion rupees (USD1.2 billion).
