Jet creditors may get back only 300 mn dollar if liquidated: Sources

The airline’s financial and operational creditors, who are owed nearly 300 billion Indian rupees ($4.20 billion) are likely to recover only $300-$400 million from the sale of Jet’s assets, the sources, who have direct knowledge of the matter, said.

“The expected recovery on owned planes and real estate is $300-400 million after repaying debt tied specifically to those assets,” said one of the sources.

The sources, who asked not to be named as they have not been cleared to discuss the matter with media, said Jet currently has some four to six Boeing and Airbus aircraft, and some real estate assets in India, on which there are some outstanding dues.

The airline, less than a year ago, was operating a fleet of more than 120 planes that flew to dozens of domestic destinations and international hubs such as Singapore, London and Dubai.

Once India’s biggest private carrier, Jet stopped flying in April after running out of cash, leaving thousands without jobs and pushing up air fares across the country.