India's Jet Airways sells Boeing 777 for $9mln to end insolvency proceedings

Aircraft one of assets held in Netherlands after company was declared bankrupt

  
Image used for illustrative purpose. A Jet Airways Boeing 777-300ER taxis at San Francisco International Airport, San Francisco, California, February 16, 2015.

Image used for illustrative purpose. A Jet Airways Boeing 777-300ER taxis at San Francisco International Airport, San Francisco, California, February 16, 2015.

REUTERS/Louis Nastro

Jet Airways has sold its wide-body Boeing 777 aircraft, one of the assets held in custody in the Netherlands, for $9 million. 

In a bourse filing, the Mumbai-listed carrier said the proceeds of the sale will be used for the closure of the company’s insolvency process. 

“We wish for further inform that subsequent to the sale of the equipment and after completing the requisite formalities, the Dutch insolvency process shall stand concluded,” the company said in a statement. 

Jet Airways was declared bankrupt in Netherlands about two years ago, following a complaint filed by two European creditors. 

On May 21, 2019, a Dutch administrator was appointed to manage the estate of the company, including the Boeing 777-300ER, in Netherlands. 

(Writing by Cleofe Maceda; editing by Daniel Luiz ) 

Cleofe.maceda@refinitiv.com 

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