Jet Airways

Cash-crunched Jet Airways is looking for the sale and leaseback (SLB) of 16 of its jets in order to raise $800 million. They are currently looking for sellers, according to a source privy to this development.

The airline company, which has been in financial trouble for the past few months, currently owns 16 aircrafts, out of the 124 in its fleet, reports Live Mint.

"Jet Airways should get about $800 million from the sale and leaseback of 16 aircraft, depending on the condition of the aircraft, engines and hours clocked by these planes," Mark Martin, the founder and chief executive officer of Dubai-based Martin Consulting LLC, was quoted as saying by Live Mint. 

Amit Agarwal, chief financial officer of Jet Airways, had already said in August that they were planning on going ahead with the SLB of their aircrafts.

The report stated that some of the reasons for Jet Airways' financial trouble were the rising fuel price and the weak rupee.

Along with the sale of the aircrafts, as a cost-cutting method, up to 30 flights will be cancelled in the winter schedule. This will begin from October end. This is in addition to the cancelling of flights on a daily basis from big cities like Bangalore and Hyderabad, reports Times of India.

Meanwhile, the private carrier added that pilots and engineers along with the senior management will get 25 percent of their September salary on October 25. 

"We would like to inform you that the first tranche (25 per cent) of September salary will be remitted on the forthcoming week of October 25," Jet Airways Chief People Officer Rahul Taneja was quoted as saying by Hindu Business Line.