Jet Airways, India’s premier international airline, is reportedly planning to sell all its wide-body Boeing 777 and Airbus A330 planes to raise cash and retire a portion of its Rs 12,000-crore debt. The company had a fleet of 117 planes, a mix of turboprop, narrow-body and wide-body planes. It flies the Boeing 777s and Airbus A330s to London, Paris, Brussels, Newark, Toronto and Hong Kong.
At present, the company does not fly all its wide-body planes. It only uses five Boeing 777s and seven A330 aircraft and has leased the remaining 10 aircraft to Etihad Airways and Turkish Airlines.
Meanwhile, the company is seeking shareholders’ approval next month to raise up to $400 million through issue of securities on private placement basis. The airline is planning to issue secured and/or unsecured, listed and/or unlisted non-convertible debentures and/or subordinated debt instruments and/or other debt securities or bonds. The proposed amount would be within the company's overall borrowing limit.
