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Boeing Cancels 210 Orders as Jet Airways Halts Operations

American airplane manufacturer Boeing Co removed 210 aircrafts from its order backlog on Wednesday, 24 April, following the Jet Airways financial crisis.

This, according to a Reuters report, puts Boeing behind Airbus in terms of business this year as both companies grappled with order cancellations more than new orders in the first quarter.

According to the report, Boeing has hived off orders that no longer meet the criteria for recognising revenue as a separate category, while defending contractual claims.

As a result of falling business, Boeing’s orders for the first quarter slipped in the negative territory – minus 119 net orders post cancellations. As for Airbus, it has a negative of 58 net orders in the first quarter.

Finance Director for Boeing Greg Smith confirmed that the cancellation of 210 aircraft is related to Jet Airway's financial problems.

Following failure to get funds from lender SBI and the departure of MD Naresh Goyal, Jet Airways halted all flight operations indefinitely from 17 April after its lenders rejected a plea for emergency funds.

(With inputs from Reuters.)

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