Boeing 777 worth $375 million changes owner for a modest $9 million

Boeing 777-300ER – Image: Björn Strey / CC BY-SA 2.0, via Wikimedia Commons

As we followed in the first half of 2019, the Indian airline Jet Airways suspended all its flight operations in April of that year, after not having found investors interested in supporting a recovery plan for its difficult financial situation.

Shortly thereafter, Dutch creditors filed a lawsuit in their country and the airline was declared bankrupt in the Netherlands. Subsequently, pursuant to the Noord-Holland District Court order dated May 21, 2019, insolvency proceedings were initiated against Jet Airways.

A Dutch administrator took custody of the company’s assets in the Netherlands on the date of commencement of such insolvency proceedings, which included a Boeing 777-300ER aircraft parked at Schiphol Airport in Amsterdam. It was the jet with serial number 35164 and Indian registration mark VT-JEW.

The VT-JEW Registration Boeing 777 – Image: Anna Zvereva / CC BY-SA 2.0, via Flickr

Now, Jet Airways informs anyone interested that, according to the information received from the Dutch administrator, the aircraft in custody was sold to the American company “IAGCAS 777, LLC” for US$ 9 million under the Dutch Insolvency Proceeding.

According to data from the statista, the most recent information from the aircraft sales market, as of March this year, indicates that the Boeing 777-300ER model has been traded for an average price of US$ 375 million.

Jet Airways emphasizes that the sale of the aircraft was made in accordance with the terms of the protocol according to which it is agreed that the proceeds from the sale will be used first for the closing of the Insolvency Proceeding in the Netherlands, to ensure that the company is no longer declared. insolvent in that country, and the remaining funds, if any, will be repatriated to India and will be handled in accordance with the provisions of the Insolvency and Bankruptcy Code.

With information from Jet Airways