Over 10 flights cancelled as Jet grounds 4 aircraft

New Delhi/Mumbai: Over 10 flights of financially troubled Jet Airways got cancelled on Wednesday a day after four aircraft were grounded.

According to informed sources, the interim grounding of the four Boeing 737 aircraft had led to 19 flight cancellations on Tuesday. However, the number of cancellations on Wednesday was lower due to optimised flight rotation and fleet management.

Speculation is rife that the aircraft was grounded for non-payment of dues to lessors and lack of spares.

The airline has denied this, stating that operational and fleet maintenance reasons were behind the grounds, which it said were of a temporary nature.

Jet currently has over 120 aircraft.

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Recently, Jet Airways has been in a tight spot financially as a rescue plan is being stitched between its partner Etihad and a consortium of banks.

The airline has a loan burden of over Rs 8,000 crore and it could see some of that amount being converted into equity by the banks.

In a stock exchange filing on Monday, Jet Airways said an Extraordinary General Meeting (EGM) of the company would be held on February 21.

It said a special resolution would be put forth at the EGM to consider and “to approve the conversion of loan into shares or convertible instruments or other securities”.

[source_without_link]IANS[/source_without_link]

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