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Debt-laden Jet Airways may shut down temporarily

NEW DELHI: The Jet Airways control is learnt to have proposed transient shutting down of operations until funding is organized for. The proposal was once made at an emergency assembly of the airline board in Mumbai on Tuesday, an afternoon after lenders refused to grant the promised Rs 1,500 crore emergency funding. A formal word from Jet is awaited.

Kids’ fees to EMIs: Jet Airways staffers’ worries bounce

“Request has been made to HR (to) release my three months’ pending salary. It continues to be pending. The advised remedy is bone marrow transplant which (will) price over Rs 25 lakh. I'm left without a selection (but) to make an attraction to all my colleagues to help on this dire hour,” read the WhatsApp from the AME, who had exhausted his entitlement for hospitalisation expenses. But even as the cash-strapped control and pilots scrambled to organize finances, the young boy passed on to the great beyond.

Meanwhile, Jet founder Naresh Goyal has reportedly withdrawn his expression of passion (EoI) to buy stake within the airline. His EoI had resulted in opposition from other players who have additionally proven passion within the airline. Other players like Etihad and TPG Capital had even mentioned they would walk out of the bid if the founder does now not withdraw himself.

Jet has been working five ATRs and one or two Boeing 737 since ultimate Saturday — down from a fleet of 124 from ultimate November. People operating the airline now are discovering it an increasing number of tough to do so as oil companies often cut fuel supply as Jet has utterly run out of finances.

“While there is not any cash to run the airline, the one reason why makes an attempt had been being made to proceed working it was once to make sure it will get a purchaser. Once the airline is close, what's there to buy? The slots will anyway be to be had in Delhi, Mumbai, Bangalore and many others as soon as it stops flying,” mentioned a source.

Not simply Jet, 12 airlines went bust in 21 years

Stiff competition, low cost fares, take the shine off the steady rise of air site visitors in Indian skies

Aviation authorities are going to satisfy airlines to peer how Jet’s slots must be disbursed among them. SpiceJet and IndiGo are including plane and introducing new flights. Tata Group-Singapore Airlines JV Vistara may well be asked to peer if they may be able to prepone there large frame operations, say resources.

This churning is visible in inventory costs. On Tuesday at 1.15 pm, BSE saw Jet percentage value down 10% while opponents IndiGo and SpiceJet had been up 3% and six.five%. IndiGo percentage, in fact, hit a new all-time high of Rs 1,523.

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