Published: Fri, April 12, 2019
Markets | By Otis Pena

International Olympic Committee stops fuel supply, Jet secures other sources

International Olympic Committee stops fuel supply, Jet secures other sources

This is the third time that the public sector oil marketing company has cut fuel supply to the airline in the past eight days, which is struggling to keep afloat amid acute liquidity crisis.

To add to the airline's woes, aviation regulator Directorate General of Civil Aviation announced on Wednesday it de-registered seven Boeing 737-800 aircraft of Jet.

Earlier in the day, SBI Capital Markets issued a set of clarifications related to the EoI document, including that bidders in a consortium need to furnish solvency certificates individually. Though fuel supplies resumed after some hours, it was the second time that Indian Oil had taken such a decision.

Last month, creditors injected $218 million of "immediate funding support" into Jet Airways as part of a debt resolution plan.

Two major changes have been made in the expression of interest document to pick up to a 75 per cent stake in ailing Jet Airways - the bidders can restructure the debt of the airline and the last date to submit EoI extended to April 12 from April 10.

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According to SBI Capital Markets, which is advising the lenders to find new investors for the carrier, qualified bidders should submit their respective binding bids by April 30.

"The cargo agent seized Boeing 777-300 ER (VT-JEW) of Jet Airways at the Amsterdam airport as the airline could not clear his dues", the airline source told PTI.

Passengers of Jet Airways' Amsterdam-Mumbai flight 9W 231 are now stuck at Holland's Schiphol Airport after seizure of the aircraft. Jet Airways, however, said the flight was delayed due to "operational reasons". The airline is now operating only 26 aircraft as several planes from its earlier fleet size of around 120 remain grounded for non-payment of lease rentals. Passengers travelling on Jet flight 9W321 from Amsterdam to Mumbai were in for a shock when their flight was cancelled just as boarding was about to begin.

The airline owes the over Rs 8,000 crore to a consortium of lenders, led by the State Bank of India.

Shares of Jet Airways declined 1.59 per cent to close at Rs 263.40 on the BSE while the benchmark tanked 0.91 per cent.

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