Jet Airways to sell, lease back aircraft to raise funds

Debt-ridden Jet Airways plans to sell and lease back aircraft and offload land to raise funds for what its auditors called a cash crunch threatening its future. The country’s biggest carrier, which has a near-quarter local market share, but swung to a big net loss in September on rising fuel costs and foreign exchange losses, claimed that operational cash flow would improve significantly in the approaching peak season. Earlier this month, Jet had announced that it was looking at several “non payroll areas” to cut costs, including paring interest charges by converting rupee loans into dollar debt. It has also signed a deal with Godrej Properties to develop part of its land bank in Mumbai into an office complex.