Jet Air seeks $200mn loan from lenders: Sources

Posted on March 5, 2012. Filed under: Uncategorized |

Jet Airways has sought an additional working capital loan  of around $200 million from its lenders , CNBC-TV18 has learnt. The airline which has enhanced its capacities by 18% in FY12, has plans to expand its fleet size to be at par with the growing traffic.

The airline has around 100 aircraft in its fleet in which 40 are owned by it. The company has plans to lease around 10 aircraft by March. This leasing transaction will bring in the much needed working capital requirement to the airline.

Jet, however declined to comment on the story.

Jet had posted a loss of Rs 101.2 crore in Q3 of this fiscal. In April-December, 2011 its loss touched Rs 937.98 crore, against a net profit of Rs 134.15 crore in the same period last fiscal. The airline has a debt of around Rs 14,000 crore.

The airline had made its financial difficulty clear while declaring its December quarter results when it said: "The management is actively pursuing various options to improve the operating results and cash flows through sale and leaseback of aircraft, route rationalization and cost-control measures."

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