Ace Aviation, a subsidiary of Challenge Group, is sourcing an alternative aircraft for a 2025 P2F conversion slot due to delays in acquiring three B777-300ERs from Jet Airways, originally expected to be secured by mid-2024.
Chief Investment Officer Michael Koish criticized the lack of cooperation from the Jalan Kalrock Consortium and Jet Airways’ lenders, noting that a letter of intent and a USD5.6m deposit made two years ago have not progressed due to delays and ongoing litigation.
Jet Airways ceased operations in 2019, and despite a resolution plan approved in 2021 for the consortium to take over, complications around payment failures and objections from the consortium have stalled the aircraft sale.
Koish mentioned the importance of conducting necessary inspections on the aircraft but noted repeated refusals from the lenders and JKC to allow this process, complicating maintenance planning and further delaying progress on the acquisition.
