Jet Airways’s fleet shrinks to 14, government seeks report on airline’s global operations
NEW DELHI: The government of India is likely to review Jet Airways’ eligibility to continue its international operations after it gets a report from the regulator DGCA on the issue, a top ministry official said on Thursday. On the verge of going belly up amid acute cash crunch, the airline has reduced its fleet to […]
SBI seeks bids for cash-strapped Jet Airways
NEW DELHI/MUMBAI: State Bank of India (SBI)on Monday invited bids for stake sale in ailing Jet Airways. SBI, which is the lead lender of a consortium of domestic lenders that has extended loans to Jet Airways, is looking for “change in control and management” of the carrier, according to a public notice. SBI Capital Markets […]
Jet Airways operating around 28 planes
NEW DELHI: Cash-strapped Jet Airways is operating 28 planes, including 15 aircraft in the domestic routes, Civil Aviation Secretary Pradeep Singh Kharola said on Wednesday. Earlier in the day, Kharola said that less than 15 planes of the airline were flying. Jet Airways, where the lenders are set to take control as part of a […]
Jet Airways defers March salary payment to its 16,000 employees
NEW DELHI: Cash-starved Jet Airways on Wednesday deferred the March salary payment to its employees, citing “complexities” involved in the finalisation of the debt-recast plan, under which the SBI-led consortium of lenders has taken over the management control of the airline. Earlier, the airline had been delaying the salaries of its pilots, engineers and senior […]
Suresh Prabhu rules out intervention in commercial matters of Jet Airways
NEW DELHI:Civil Aviation Minister Suresh Prabhu on Wednesday ruled out any interference in efforts to help cash-strapped Jet Airways, saying that the government should not be seen to be doing any kind of deals to help an airline. Against the backdrop of lenders set to take control of Jet Airways under a debt resolution plan, […]
Jet Airways grounds 15 more planes due to non-payment of rentals to lessors
NEW DELHI: Cash-crunch hit private carrier Jet Airways on Tuesday said it has grounded 15 more aircraft due to non-payment of rentals to lessors, taking the total number of grounded planes to 69. The fleet strength in the airline has, however, has come down to 20 now. Till last month, the Mumbai-headquartered airline, which is […]
Jet Airways pilots defer mass leave decision to April 15
NEW DELHI: The pilots’ union of Jet Airways on Sunday postponed, till April 15, their decision to go on mass leave to protest non-payment of salaries. The decision comes after Jet Airways on Saturday said it will soon pay the remaining December salaries to employees. “The pilots have decided that time should be given to […]
Airlines responsible for their financial performance; government can’t interfere in day-to-day operations
By Manoj Rammohan NEW DELHI: Efficient operations and financial performance are individual responsibilities of carriers, and the government cannot interfere in their day-to-day operations, Civil Aviation Minister Suresh Prabhu said amid Jet Airways crisis and turbulent times of the domestic airlines industry. In view of intense competition, rising costs, shortage of pilots and grounding of […]
Have enough pilots, operations won’t be impacted: Jet Airways
MUMBAI: Even as it tries to stave-off a proposed mass leave by a section of pilots, Jet Airways on Saturday said it has the requisite number of aviators to man its fleet currently under operation. “Operations on Monday are unlikely to be impacted,” an official said. “We have taken a note of the advisory sent […]
Jet Airways missed paying $109 million loan: Report
MUMBAI: Troubled Jet Airways India Ltd. missed a $109 million loan repayment due to HSBC Bank this week, people with knowledge of the matter said. The money was due on March 28, and was part of a two-tranche facility totaling $140 million that the company took from HSBC in 2014, according to the people, who […]
Jet Airways’ new investor needs to bring Rs 4,500 crore capital: SBI official
NEW DELHI: A new investor in the cash-strapped Jet Airways will have to bring in about Rs 4,500 crore capital for running the airline, according to a senior SBI official. State Bank of India (SBI), which is the leader of the group of 26 lenders, will next month invite Expression of Interest from buyers willing […]
Naresh Goyal’s resignation a wake-up call for policymakers: SpiceJet chief
NEW DELHI: SpiceJet chief Ajay Singh on Monday said that it was a “sad day” for Indian aviation as Naresh Goyal and his wife Anita Goyal stepping down from the board of Jet Airways. Naresh Goyal is the Founder and Chairman of Jet Airways, a full-service airline that has been flying for more than 25 […]
SpiceJet gains 26% in 4 days as Jet struggles
NEW DELHI: As problems in cash strapped Jet Airways deepens, investors are favouring stocks of its competitors — SpiceJet and IndiGo — betting that they will have a larger market share. Accordingly, stocks of SpiceJet rose over 14 per cent on Friday and have been rising for the last four sessions gaining 25.93 per cent. […]
Banks may infuse funds into Jet Airways if major shareholders pledge shares
NEW DELHI: Banks are likely to infuse fresh funds into cash-strapped Jet Airways provided major shareholders of the airline, including Gulf carrier Etihad Airways, pledge their shares as collateral, sources said. With the airline unable to get fresh funds, the options are limited now, they added. The full service carrier is grappling with acute financial […]
Jet Airways pilots threaten to stop flying from April 1, set March 31 deadline on bailout, salaries
NEW DELHI: The umbrella body of the domestic pilots of the nearly crippled Jet Airways on Tuesday threatened to stop flying from April 1, if the resolution plan is delayed and salary dues are not cleared by the end of this month. The decision was taken at the annual meeting of Jet Airways domestic pilots […]
Debt-hit Jet Airways grounds more planes, taking total to 41
NEW DELHI: Jet Airways said on Monday it has grounded four more planes and would delay paying interest on maturing debt in a fresh sign of deepening liquidity crisis engulfing the carrier saddled with over $1 billion debt. The country’s second-largest carrier has delayed payments to its pilots, suppliers and lessors for months and defaulted […]