The national airline JAT Airways has reported that it plans to buy new aircrafts from the French firm Airbus. However, the company will offer export of meat in exchange due to lack of cash. JAT Airways is unable to borrow any funds. However, it has an old fleet which must be upgraded. Due to its old fleet, since 2004 JAT has been forced to reduce its services from 75% to 42%. In 1998, JAT signed an agreement for a purchase of eight aircrafts with Airbus for which it paid a deposit of USD 20mn (EUR 14.35mn). However, the company could not take over aircrafts due to lack of funds. Meanwhile, Airbus refused to return the deposit of USD 20mn.
Source: Google news
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