October 17, 2008
Kingfisher and Jet Airways to Cut 15 Aircraft From Combined Fleet
India-based airlines Kingfisher and Jet Airways, which recently formed a cost-saving alliance, plan to send back 15 narrow-bodied leased aircrafts to the leasing companies, after their leases end later in 2008 and in 2009, according to media reports.
Majority of the 15 leased aircrafts have been operating on international routes.
The news source quoted Naresh Goyal, the founder chairman of Jet Airways, as saying: "There is a 30% overcapacity in the industry and every airline is still selling below cost. We have instances of international airlines dumping aircraft and filing for bankruptcy but we do not have any Chapter 11 in India."