Airliners-India Forum Index Airliners-India
Flickr Group & Facebook
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

Jet Airways News -- Part 15
Goto page Previous  1, 2, 3, 4, 5, 6, 7, 8, 9  Next
 
Post new topic   Reply to topic    Airliners-India Forum Index -> Civil Aviation
View previous topic :: View next topic  
Author Message
Caliguy
Member


Joined: 14 Nov 2007
Posts: 681
Location: Los Angeles

PostPosted: Mon Jan 14, 2019 7:23 pm    Post subject: Reply with quote

747-237 wrote:
https://www.bloomberg.com/news/articles/2019-01-14/jet-airways-jumps-on-report-founder-goyal-is-giving-up-control

Etihad Reaches Deal for Rescue of India's Jet Air, Reports Say

January 14, 2019

Etihad Airways PJSC has agreed to lead a rescue of cash-strapped Jet Airways India Ltd. in a move that will see the Abu Dhabi-based carrier double its stake to 49 percent, according to television reports.

Etihad is in talks to lift its holding from the current 24 percent, India’s BTVI channel reported Monday, citing unidentified people familiar with the matter.

CNBC-TV18 said that Jet founder Naresh Goyal’s stake could drop to 20 percent from 51 percent, and that he’ll stand down as chairman.


Something is strange here - if Goyal is stepping down, then why didn't he take a deal with the Tatas for Delta? I wonder if Jet's ownership is really as murky / complicated as some have mentioned. Anyway, hopefully this stabilizes Jet.
Back to top
View user's profile Send private message
iah87
Member


Joined: 17 Apr 2007
Posts: 2345

PostPosted: Mon Jan 14, 2019 8:10 pm    Post subject: Reply with quote

So if EY will control 49% and Goyal only 20% then who control the other 31%. Ownership rules say that an Indian entity must have management control.

There have always been rumors that a lot of the control is with shell companies and many based in Mauritius. I know Indian and Mauritius have a trade deal, but is a Mauritius based company still an Indian entity ?
Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Thu Jan 17, 2019 6:08 am    Post subject: Reply with quote

https://www.financialexpress.com/industry/jet-airways-defers-delivery-of-six-boeing-aircraft/1446048/

Jet Airways defers delivery of six Boeing aircraft

January 17, 2019

Jet Airways has deferred deliveries of six Boeing 737 max aircraft due to non-payment to its lessors, sources in the airline said on Wednesday.

The Naresh Goyal-led airline has received five aircraft from that order, so far. During the post earnings call, Jet Airways CEO Vinay Dube had said the airline would get a total of 11 Boeing 737 max by FY19.

“That is not happening with the current situation. Boeing has made the deliveries but they are stuck due to non-payment to lessors,” the source said. The airline could not be reached immediately for comments. Jet Airways has been grappling with financial woes and even defaulted on loan repayment to a consortium of Indian banks.

_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
iah87
Member


Joined: 17 Apr 2007
Posts: 2345

PostPosted: Tue Jan 29, 2019 7:44 pm    Post subject: Reply with quote

https://www.livemint.com/companies/news/jet-airways-sbi-stake-share-news-naresh-goyal-shareholder-1548752812806.html

SBI to control 15% of Jet, other lenders 30%. Goyal stake to reduce to 20% from 51%
Back to top
View user's profile Send private message
Caliguy
Member


Joined: 14 Nov 2007
Posts: 681
Location: Los Angeles

PostPosted: Tue Jan 29, 2019 7:52 pm    Post subject: Reply with quote

iah87 wrote:
https://www.livemint.com/companies/news/jet-airways-sbi-stake-share-news-naresh-goyal-shareholder-1548752812806.html

SBI to control 15% of Jet, other lenders 30%. Goyal stake to reduce to 20% from 51%


So if this is the case how will Goyal fend off a future attempt to purchase by say Tatas? He would be out voted. That said, if this puts an end to "Jet is running out of cash" then great. I only hope SBI etc are infusing enough cash into Jet to allow them to expand and upgrade their fleet a bit. Time to tear out F from their 777 and put in a new J and premium Econ cabin (with Delta, AF and VS having a true premium Econ, I think Jet can really make it work).
Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Tue Jan 29, 2019 8:32 pm    Post subject: Reply with quote

https://timesofindia.indiatimes.com/business/india-business/cash-strapped-jet-airways-forced-to-ground-4-planes-over-rising-dues-flights-hit/articleshow/67739912.cms

Cash-strapped Jet Airways forced to ground 4 planes over rising dues; flights hit

Jan 29, 2019

Lessors have started grounding Jet Airways’ aircraft over mounting dues, affecting the cash-strapped airline’s schedule. Almost four to five planes were reportedly grounded at airports across India on Monday night itself due to which about 20 flights have been cancelled, say sources.

On Monday night, some Boeing 737s — the mainstay of Jet’s operations — were reportedly grounded at Delhi, Mumbai, Bengaluru and Chennai airports. “One plane was grounded at each of these places. Another plane has been grounded for some time as the lessor has started the repossession process,” said a source.

_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Thu Jan 31, 2019 4:16 pm    Post subject: Reply with quote

https://www.business-standard.com/article/companies/dgca-questions-jet-airways-on-flight-schedule-after-grounding-of-planes-119013100568_1.html

DGCA questions Jet Airways on flight schedule after grounding of planes

January 31, 2019

The Directorate General of Civil Aviation (DGCA) has asked Jet Airways if it would be able to stick to flight schedules after the airline grounded five of its planes due to issues with lessors.

The airline, which is in the throes of a deep financial crisis, has also been unable to stick to the payment schedule it committed to its pilots and engineers. On Wednesday pilots got only 50 per cent of November salary against the committed 75 per cent.

“As is the protocol, we have asked the airline to give us in writing that it will be stick to the schedule provided. The airline has been asked to provide with a response by Friday,” a senior DGCA official said.

The DGCA publishes airline schedules in two parts — winter Schedule from October-end to March-end and summer schedule from March-end to October-end — and constantly monitors the airlines’ schedules if they are able to meet it

Jet Airways in a statement to exchange said that it is in the process of delivering three aircraft to lessors due to the scheduled expiry of lease terms.

The airline added that three of its aircraft were temporarily grounded for engine normalisation, and will be back to service by Friday. Two others were on ground - one for scheduled termination of the engine's lease and another for technical reasons.

_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Sat Feb 02, 2019 10:19 am    Post subject: Reply with quote

https://www.livemint.com/companies/news/three-boeing-737-aircraft-rejoin-jet-airways-fleet-1548953142079.html

Three Boeing 737 aircraft rejoin Jet Airways fleet

Jet Airways has restored three Boeing 737 aircraft into its fleet after two consecutive days of flight disruptions that affected hundreds of domestic passengers. The airline added the planes on Thursday after completion of their engine ‘normalisation exercises’, a company spokesperson said.

The developments are expected to allay fears of continued flight cancellations by India’s second-largest local airline. Jet Airways also returned three planes to lessors after the “scheduled" expiry of their leasing periods, the carrier said on Wednesday.

The spokesperson did not say whether Jet Airways has cancelled flights on Thursday.

_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Sun Feb 03, 2019 4:04 pm    Post subject: Reply with quote

Two ATR 72-600s, VT-JCY & VT-JCZ, have been returned to lessor today.
_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
Jeh
Member


Joined: 06 Apr 2010
Posts: 668
Location: Delhi, India

PostPosted: Mon Feb 04, 2019 9:35 am    Post subject: Reply with quote

747-237 wrote:
Two ATR 72-600s, VT-JCY & VT-JCZ, have been returned to lessor today.


Any idea whether this a scheduled return due to end of lease period, or prematurely due to Jet being unable to keep up with the lease payments?
Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Fri Feb 08, 2019 6:05 am    Post subject: Reply with quote

https://www.dnaindia.com/business/report-four-aircraft-grounded-due-to-non-payment-of-dues-jet-airways-2717394

Four aircraft grounded due to non-payment of dues: Jet Airways

Feb 8, 2019

Jet Airways told BSE on Thursday evening that four of its aircraft have been grounded due to non-payment of amounts outstanding to lessors under lease agreements.

The airline added that it is "actively engaged with all its aircraft lessors" and "making all efforts to minimize disruption to its network due to above and is proactively informing and re-accommodating affected guests (passengers)".The airline said in a statement to BSE that it regularly provides aircraft lessors "on efforts undertaken by the company to improve its liquidity".

It added:"Aircraft lessors have been supportive of the company's efforts in this regard". "The company also continues to provide required and periodic updates to the Directorate General of Civil Aviation (DGCA)," it added.

_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Thu Feb 21, 2019 8:36 pm    Post subject: Reply with quote

https://www.hindustantimes.com/business-news/lessors-doubt-jet-airways-rescue-plan-pull-out-more-planes-report/story-Wl8u73263LINhjX0avr3LN.html

Lessors doubt Jet Airways rescue plan, pull out more planes: Report

Feb 21, 2019

International lessors have grounded more Jet Airways planes prior to potentially moving them out of India, as scepticism builds whether a state-led bailout of the carrier can clear their dues on time, sources familiar with the matter said.

The troubles at India’s Jet, which is saddled with a billion dollars in debt, have rekindled memories of Kingfisher Airlines’ collapse in 2012 that forced lessors to write off millions of dollars. Jet has defaulted on loans and has not paid pilots, leasing firms and suppliers for months.

“There’s some talk that the money is going to come but lessors have heard this for too long,” one leasing source said on condition of anonymity due to the sensitivity of the matter.

“We are not convinced with the restructuring plan. This is panning out just like Kingfisher. Banks took control but they never wanted to take a majority stake and run the airline.”

Nine of Jet’s planes have been grounded by lessors, versus the four it reported last month, with AerCap Holdings NV and BOC Aviation Ltd among those who have pulled out planes, sources told Reuters.

Cross-checks of the Jet fleet by Reuters on FlightRadar24 also show that nine of its planes have stopped flying over the last four weeks. That excludes two more that are at Singapore’s Seletar Airport for, according to sources, maintenance work.

Jet, however, said on Thursday that five planes had been grounded due to non-payment of dues to lessors, as reported to regulators. The carrier added it was keeping its lessors informed about efforts to improve its financial situation.

BOC Aviation and AerCap declined to comment.

“We are waiting to see what the workout plan has in terms of us getting paid. The situation is very dicey,” an executive at another lessor said. “We have to make sure our assets are protected. Indian government and speedy resolutions are not words we normally use in the same sentence.”

_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
Caliguy
Member


Joined: 14 Nov 2007
Posts: 681
Location: Los Angeles

PostPosted: Fri Feb 22, 2019 6:25 pm    Post subject: Reply with quote

747-237 wrote:
https://www.hindustantimes.com/business-news/lessors-doubt-jet-airways-rescue-plan-pull-out-more-planes-report/story-Wl8u73263LINhjX0avr3LN.html

Lessors doubt Jet Airways rescue plan, pull out more planes: Report

Feb 21, 2019

International lessors have grounded more Jet Airways planes prior to potentially moving them out of India, as scepticism builds whether a state-led bailout of the carrier can clear their dues on time, sources familiar with the matter said.

The troubles at India’s Jet, which is saddled with a billion dollars in debt, have rekindled memories of Kingfisher Airlines’ collapse in 2012 that forced lessors to write off millions of dollars. Jet has defaulted on loans and has not paid pilots, leasing firms and suppliers for months.

“There’s some talk that the money is going to come but lessors have heard this for too long,” one leasing source said on condition of anonymity due to the sensitivity of the matter.

“We are not convinced with the restructuring plan. This is panning out just like Kingfisher. Banks took control but they never wanted to take a majority stake and run the airline.”

Nine of Jet’s planes have been grounded by lessors, versus the four it reported last month, with AerCap Holdings NV and BOC Aviation Ltd among those who have pulled out planes, sources told Reuters.

Cross-checks of the Jet fleet by Reuters on FlightRadar24 also show that nine of its planes have stopped flying over the last four weeks. That excludes two more that are at Singapore’s Seletar Airport for, according to sources, maintenance work.

Jet, however, said on Thursday that five planes had been grounded due to non-payment of dues to lessors, as reported to regulators. The carrier added it was keeping its lessors informed about efforts to improve its financial situation.

BOC Aviation and AerCap declined to comment.

“We are waiting to see what the workout plan has in terms of us getting paid. The situation is very dicey,” an executive at another lessor said. “We have to make sure our assets are protected. Indian government and speedy resolutions are not words we normally use in the same sentence.”


So what is going on still. Does Jet have an agreement with the banks or not. THis all seems really stupid to me. I hope it is not Goyal arguing for something really trivial or Etihad doing that.
Back to top
View user's profile Send private message
PlaneLover
Member


Joined: 03 Aug 2007
Posts: 275

PostPosted: Sat Feb 23, 2019 7:13 am    Post subject: Reply with quote

When Naresh Goyal started this airline everyone loved their service. The airline has survived through thick and thin for so many years. I can understand his reluctance to cede power. At the same time he needs to go in the interest of the airline. It needs new blood and professional management.
I truly wish we see some consolidation of airlines in India. It is hard to make money with high ATF prices and brutal competition. Hopefully the transition of management will be peaceful and employees are paid their salaries in arrears soon.
Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Tue Feb 26, 2019 11:30 am    Post subject: Reply with quote

Three 737-800s have been returned to lessors : VT-JBM, VT-JBN, VT-JBP.
_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Thu Feb 28, 2019 9:08 pm    Post subject: Reply with quote

https://www.news18.com/news/india/jet-airways-founder-naresh-goyal-to-step-down-as-chairman-of-airlines-board-report-2051925.html

Jet Airways Founder Naresh Goyal Steps Down as Chairman of Airline's Board: Report

February 28, 2019

Jet Airways' founder Naresh Goyal has agreed to step down as chairman of the airline's board, a source with direct knowledge of the matter said on Thursday, as the cash-strapped Indian carrier inches closer to securing a rescue deal.

Eithad, which owns a 24 percent stake in Jet Airways, is however reticent to provide interim funding of about 7 billion rupees ($99 million) to Jet Airways, the source said. Jet did not immediately respond to a request for comment.

_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
justbala
Member


Joined: 11 Jan 2007
Posts: 1834
Location: Bangalore

PostPosted: Mon Mar 04, 2019 11:20 am    Post subject: Reply with quote

Looks like 34 a/c are grounded across India. Their twitter handle is replete with passengers whose flights have been cancelled.

I am flying to DEL tomorrow and surprisingly cant find a single 9W flight operating that sector.

Things seem to have gone from bad to worse for 9W. Sad.
Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Mon Mar 04, 2019 4:25 pm    Post subject: Reply with quote

https://timesofindia.indiatimes.com/business/india-business/jet-airways-grounds-2-more-planes-total-23-out-of-operations/articleshow/68243196.cms?

Jet Airways grounds 2 more planes, total 23 out of operation

Mar 3, 2019

et Airways has grounded two more of its aircraft due to non-payment of lease rentals, taking the total number of planes on ground to 23.

With the grounding of two more planes, almost 20 per cent of aircraft in the airlines fleet are now out of operations.

"An additional two aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the airline said in a filing to the stock exchanges on Saturday.

After announcing the grounding of four of its planes on February 7 for non-payment to lessors, the airline took another two aircraft out of operations due to similar reasons on February 23.

On February 27 and 28, Jet Airways grounded seven and six aircraft, respectively, due to the non-payment of lease rentals.

Later, two aircraft were grounded on Friday and as many on Saturday, taking the total number of planes out of operations to 23.

_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
luvleen
Member


Joined: 02 Jul 2012
Posts: 174
Location: Bombay

PostPosted: Mon Mar 11, 2019 2:50 pm    Post subject: Reply with quote

Jet Airways gains 5% on fresh credit from PNB, likely revival plan by Etihad

https://www.moneycontrol.com/news/business/markets/jet-airways-gains-5-on-fresh-credit-from-pnb-likely-revival-plan-by-etihad-3630671.html

Quote:
Jet Airways shares rallied nearly 5 percent after a media report indicated that company received fresh credit from Punjab National Bank. Also sources said Etihad Airways board of directors will discuss revival plan for the company.
The stock was quoting at Rs 249.85, up Rs 6.75, or 2.78 percent on the BSE, at 11:28 hours IST.
Jet Airways (India) has secured fresh credit facilities of Rs 2,050 crore from state-run Punjab National Bank (PNB) that could provide a temporary lifeline to the cash-strapped airline, and the money will be used for its working capital needs, the Mint said.

Furthermore, the board of directors of Etihad Airways, which owns 24 percent stake in the company, will meet today to discuss a revival plan for Jet Airways, reports CNBC-TV18 quoting unnamed sources.

Sources said Etihad will consider fund infusion into Jet under bank-led provisional resolution plan and the final decision will be taken later today.
Etihad had already proposed investment of $100 million into Jet in last lenders meet and wants to cap its stake at 24.5 percent to avoid open offer.
Source said, NIIF backed by ADIA may take about 19.5 percent stake in Jet Airways and lenders will bring down their stake in Jet to 32 percent, and promoter Naresh Goyal to around 20 percent from 51 percent now
Back to top
View user's profile Send private message Yahoo Messenger
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Tue Mar 12, 2019 9:14 pm    Post subject: Reply with quote

http://ktar.com/story/2477535/the-latest-cayman-airways-grounds-2-737-max-8s-after-crash/

Jet Airways grounds Boeing 737 Max 8s

March 10, 2019

Jet Airways says it has grounded its five Boeing 737 Max 8 aircraft after a crash in Ethiopia that killed all 157 people on board.

The airline said it is not flying any of the 737 Max planes in its fleet and is “in contact with the manufacturer.”

On Monday, India’s aviation watchdog said it ordered a safety assessment of the aircraft. It also issued safety instructions for flying Boeing 737 Max 8 aircraft.

_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
binaiks
Member


Joined: 15 Jul 2007
Posts: 162
Location: VOBL/VOCI

PostPosted: Wed Mar 13, 2019 7:14 pm    Post subject: Reply with quote

747-237 wrote:
http://ktar.com/story/2477535/the-latest-cayman-airways-grounds-2-737-max-8s-after-crash/

Jet Airways grounds Boeing 737 Max 8s

March 10, 2019

Jet Airways says it has grounded its five Boeing 737 Max 8 aircraft after a crash in Ethiopia that killed all 157 people on board.

The airline said it is not flying any of the 737 Max planes in its fleet and is “in contact with the manufacturer.”

On Monday, India’s aviation watchdog said it ordered a safety assessment of the aircraft. It also issued safety instructions for flying Boeing 737 Max 8 aircraft.


They had seventh sense, and had sensed that a Max would crash in Ethiopia, and had grounded them much before that itself Laughing
_________________
Regards,
Binai
Back to top
View user's profile Send private message Visit poster's website
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Fri Mar 15, 2019 7:00 am    Post subject: Reply with quote

The official also said the private airline has been flying only 61 of the 116 planes it has in the fleet, forcing it to cancel as much as 45 per cent of total flights per day.

http://www.newindianexpress.com/business/2019/mar/15/dgca-may-bar-jet-airways-from-accepting-advance-bookings-1951180.html
_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Fri Mar 15, 2019 7:02 am    Post subject: Reply with quote

https://www.livemint.com/companies/news/lessor-may-divert-jet-air-planes-to-plug-demand-boosted-by-boeing-max-crash-1552548492779.html

Lessor may divert Jet air planes to plug demand boosted by Boeing Max crash

14 Mar 2019

Jet Airways India Ltd. faces the prospect of seeing some of its leased Boeing Co. 737-800 aircraft reallocated to other carriers as a global grounding of the planemaker’s newest Max series spurs demand for other models.

BOC Aviation Ltd., the company leasing some of them to Jet Airways, is seeing “quite a lot of demand" for the planes, Robert Martin, the lessor’s chief executive officer, said Thursday.

Demand for older versions of 737s is set to increase after two fatal crashes in five months involving 737 Max 8 jets prompt regulators to bar the plane amid an investigation into the safety of the aircraft.

“We understand that that’s coming to a resolution and we look forward to hearing it’s closed off," Martin said in a Bloomberg Television interview with David Ingles, Yvonne Man and Rishaad Salamat. “Obviously if it isn’t, we will do what we do in other situations, which is we will look to redeploy our aircraft, and at the moment there’s quite a lot of demand for the 737-800s that we have there."

BOC Aviation is at least the second lessor to voice about possible redeployment of Jet Airways aircraft. Dublin-based Fly Leasing Ltd. last week gave Jet Airways until the end of March to reach a financial resolution, or face redeployment of the three 737-800s it has leased to the airline.

_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Sat Mar 16, 2019 11:48 am    Post subject: Reply with quote

Three more 737-800s have been returned to lessors : VT-JGF, VT-JBH, VT-JTD.
_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
The_Goat
Member


Joined: 03 Mar 2007
Posts: 3084
Location: South of France

PostPosted: Sat Mar 16, 2019 1:55 pm    Post subject: Reply with quote

binaiks wrote:
747-237 wrote:
http://ktar.com/story/2477535/the-latest-cayman-airways-grounds-2-737-max-8s-after-crash/

Jet Airways grounds Boeing 737 Max 8s

March 10, 2019

Jet Airways says it has grounded its five Boeing 737 Max 8 aircraft after a crash in Ethiopia that killed all 157 people on board.

The airline said it is not flying any of the 737 Max planes in its fleet and is “in contact with the manufacturer.”

On Monday, India’s aviation watchdog said it ordered a safety assessment of the aircraft. It also issued safety instructions for flying Boeing 737 Max 8 aircraft.


They had seventh sense, and had sensed that a Max would crash in Ethiopia, and had grounded them much before that itself Laughing


Well observed , Binaiks

NG and Jaggi Vasudev must have seen it coming during their seances Laughing
_________________
I don't know which is the more pampered bunch : AI's widebodies (the aunties) or Jet's widebodies (the planes).
-Jasepl
Back to top
View user's profile Send private message
binaiks
Member


Joined: 15 Jul 2007
Posts: 162
Location: VOBL/VOCI

PostPosted: Sun Mar 17, 2019 2:49 pm    Post subject: Reply with quote

747-237 wrote:
Three more 737-800s have been returned to lessors : VT-JGF, VT-JBH, VT-JTD.


SpiceJet is badly in need of birds.. hope these birds return to the country soon
_________________
Regards,
Binai
Back to top
View user's profile Send private message Visit poster's website
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Mon Mar 18, 2019 6:58 am    Post subject: Reply with quote

https://timesofindia.indiatimes.com/business/india-business/jet-cancels-all-flights-to-partner-etihads-hub-abu-dhabi-from-monday/articleshow/68454218.cms

Jet cancels all flights to partner Etihad's hub Abu Dhabi from Monday

Mar 17, 2019

Jet Airways will from Monday “suspend" all its flights to and from Abu Dhabi, the base of its partner Etihad which has 24% stake in the cash-strapped airlines and is seen as its savior.

Incidentally, Jet founder Naresh Goyal had told employees in a letter dated March 1 that the situation is expected to "gently ease up" in the company's favour by March 18.

In a notice, Etihad Airport Services has warned passengers of “minor disruption” due to the “short notice of flight cancellation.”

A senior Jet official claimed that the cancellation of flights to Abu Dhabi is not linked to delay in equity infusion from Etihad.

In a letter to Etihad Group CEO Tony Douglas, Goyal had sought urgent infusion of Rs 750 crore and warned that the airlines might get grounded without the money.

Jet has not received any funds from Etihad since Goyal's communication to Douglas, which was sent almost 10 days ago.

“The cancellation of Abu Dhabi flights is part of the ongoing route restructuring we are currently doing due to the operational issues. For the same reason, we have reduced our Delhi to Dubai and Bangkok flights,” said a senior official.

Jet officials are not sure when the situation will improve as it depends heavily on the fund infusion from Etihad and the restructuring of loans by banks.

When asked if the things will start improving from Monday, an official said, "We are hoping for the best."

_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
PlaneLover
Member


Joined: 03 Aug 2007
Posts: 275

PostPosted: Mon Mar 18, 2019 9:46 am    Post subject: Reply with quote

Alas, what a fall from grace!
Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Mon Mar 18, 2019 9:10 pm    Post subject: Reply with quote

As many as 60 planes belonging to Jet Airways are now out of operation as the struggling airlines was forced to ground four more aircraft on Monday. This means that almost half of its fleet of 119 is now grounded.

https://timesofindia.indiatimes.com/business/india-business/jet-crisis-deepens-as-more-planes-grounded-dgca-calls-meet-to-discuss-rising-airfares/articleshow/68466357.cms
_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
luvleen
Member


Joined: 02 Jul 2012
Posts: 174
Location: Bombay

PostPosted: Tue Mar 19, 2019 11:52 am    Post subject: Reply with quote

Won't invest further in Jet Airways, Etihad tells SBI

https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/wont-invest-further-in-jet-airways-etihad-tells-sbi/articleshow/68474011.cms

Quote:
Gulf carrier will also not be a part of fundraising deal drawn up by lenders, may eventually exit Jet Airways.

Etihad Airways is believed to have formally conveyed to Jet Airways’ top lender State Bank of India that it won’t make any further investment in Jet. It will also not be a part of the fundraising deal drawn up by the consortium of lenders, according to three people in the know. The Gulf airline, which owns about a quarter of Jet, may eventually exit, making prospects of the beleaguered airline’s revival bleak.
Meanwhile Jet Airways chairman Naresh Goyal and his son Nivaan Goyal flew to Doha and gave a presentation to Qatar Airways global CEO Akbar Al Baker, said a fourth person close to the development.
Etihad’s decision was conveyed by its CEO Tony Douglas to SBI chief Rajnish Kumar in a meeting on Monday. In response to a query from ET, a spokesman for the Gulf carrier said: “As a minority shareholder, Etihad is working closely with Indian lenders, the company and key stakeholders to facilitate a solution for Jet Airways.” He didn’t elaborate.

Jet did not respond to emailed queries till the time of going to press.

The development comes days after Jet’s lenders told Etihad it could exit if didn’t agree to conditions in the resolution plan, which was reported by ET on March 18. Key among the conditions was an immediate infusion of Rs 750 crore in Jet by Etihad, which the Gulf carrier didn’t agree to. On the other hand, Etihad’s conditions also weren’t met by the lenders and Jet — the Gulf airline had said it could exit at a price of Rs 150. Etihad’s owners, the royal family of Abu Dhabi, have been jittery for a while about the uncertainty in talks.
The development may mean the beginning of an endgame for Jet, which is facing its worst financial crisis in its 25-year-old existence. The airline has defaulted on loan repayments, grounded a majority of its planes, delayed payments to most vendors including aircraft leasing companies and delayed salaries. In a filing to the BSE, the airline said it is late in a bond interest payment because of liquidity constraints.
Losing Etihad would mean Jet would have to look for a new partner which may mean another round of talks. Meanwhile, Jet which defaulted on loans in December has 15 days before it is liable to be referred to the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code. To be sure, it has repaid some lenders and made its account current with them. But the airline, which has been constantly cancelling flights, will be weighed down by customer refunds
Jet is said to have sent feelers to other potential investors including Etihad’s Doha-based rival Qatar Airways. A senior executive at Qatar, however, said that the airline was not interested in investing in Jet.

Sources have also said the National Investment and Infrastructure Fund, which was supposed to come in as a new partner, hasn’t been happy with Etihad’s reluctance

In the absence of a strategic investor, lenders on their own may be unable to turn around Jet.

Etihad had in 2013 bought 24% stake in Jet for $379 million, giving the cashstrapped airline a fresh lease of life. This was part of Etihad’s strategy to invest in airlines and make them part of its global plan of aggressive growth in the global skies. The strategy proved to be costly and loss-inducing in several cases. Etihad has incurred a combined loss of close to $3 billion in 2017 and 2018. In a recent interview to the International Air Transport Association, CEO Douglas said expanding primarily through equity alliances “is a strategy we do not intend to repeat”, although he named Alitalia and Air Berlin and not Jet as cases which did not work for it.
According to the draft memorandum of understanding (MoU), which constitutes the fund infusion plan, Jet’s lenders are supposed to convert debt into 114 million shares. The airline has already enhanced its share capital and will, in the next step, issue fresh shares via a rights issue.

According to the MoU, Etihad was supposed to infuse Rs 1,600-1,900 crore for a stake of 24.9%, just below the 25% threshold that triggers an open offer

Lenders will infuse another Rs 1,000 crore and take a 29.5% stake in Jet. About Rs 450 crore that the carrier owes the founder will be converted into equity. Goyal, who has already infused Rs 250 crore, will end up with a shareholding of about 17.1% and not more than 22%.

On an immediate basis, lenders will give Rs 750 crore to Jet. A similar amount needs to be raised by Etihad either by itself or a lender. Etihad has refused to comply with this condition.

The lenders have, according to sources, also refused to accept Etihad’s condition that it should have the right of first refusal if any of them decides to exit Jet
Back to top
View user's profile Send private message Yahoo Messenger
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Wed Mar 20, 2019 11:51 am    Post subject: Reply with quote

Jet Airways closes Manchester reservations from late-March 2019

Jet Airways in the last few days adjusted its inventory for Mumbai – Manchester route, as the airline closed reservation for travel on/after 23MAR19. Currently this route is operated by Airbus A330-200 aircraft, 5 times a week. The following schedule is effective 31MAR19.

9W130 BOM0230 – 0820MAN 332 x23
9W129 MAN0950 – 2355BOM 332 x23

Separately, 1 of 3 daily Mumbai – London Heathrow service is only available for booking in full-fare F/C/Y/M class from 31MAR19 (9W116/115).



Source: Airlineroute.net
_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
PlaneLover
Member


Joined: 03 Aug 2007
Posts: 275

PostPosted: Wed Mar 20, 2019 5:33 pm    Post subject: Reply with quote

Air Vistara needs to buy Jet Airways to put it out of its misery. They can buy it for a very good price now. A lot of good routes come with the purchase. They can make Mumbai their headquarters. They should also bring Air Asia India
into their fold to reduce competition.

Naresh Goyal will have to exit the airline business altogether. Looks like nobody wants him or his family participating in the management of the airline. He has paid a big price for not willing to let go of control. What did he finally achieve after running this airline for so many years? For that matter what did Vijay Mallya get from running the much acclaimed King Fisher airline?

This just goes on to prove beyond any shadow of a doubt that airline business can only result in loss after loss after loss, especially in India with price conscious customers and exorbitant taxes on aviation fuel. It is time the Indian government started the process of gradually reducing taxes on ATF until parity with rest of the world is achieved.
Back to top
View user's profile Send private message
Caliguy
Member


Joined: 14 Nov 2007
Posts: 681
Location: Los Angeles

PostPosted: Wed Mar 20, 2019 6:40 pm    Post subject: Reply with quote

PlaneLover wrote:
Air Vistara needs to buy Jet Airways to put it out of its misery. They can buy it for a very good price now. A lot of good routes come with the purchase. They can make Mumbai their headquarters. They should also bring Air Asia India
into their fold to reduce competition.

Naresh Goyal will have to exit the airline business altogether. Looks like nobody wants him or his family participating in the management of the airline. He has paid a big price for not willing to let go of control. What did he finally achieve after running this airline for so many years? For that matter what did Vijay Mallya get from running the much acclaimed King Fisher airline?

This just goes on to prove beyond any shadow of a doubt that airline business can only result in loss after loss after loss, especially in India with price conscious customers and exorbitant taxes on aviation fuel. It is time the Indian government started the process of gradually reducing taxes on ATF until parity with rest of the world is achieved.


100% agree but for some reason Goyal wants to bring down the airline in flames. I have never seen anything like it. I really struggle with Goyal's behavior assuming he is a legitimate businessman and the money used to invest was his. Modi needs to step in asap. Enough is enough
Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Wed Mar 20, 2019 9:05 pm    Post subject: Reply with quote

Jet Airways March/April 2019 Regional service adjustment

Jet Airways in the last few days gradually filed service reductions and cancellations, mostly effective from 16MAR19 to 30APR19.
Note selected service reductions/cancellations has been in effect since early-March 2019.

The following is the list of regional (International) service adjustment.

Service reductions:
Delhi – Bangkok Reduce from 3 to 1 daily
Delhi – Kathmandu Reduce from 4 to 2 daily
Delhi – Singapore Reduce from 3 to 1 daily
Mumbai – Bangkok Reduce from 3 to 1 daily
Mumbai – Doha Reduce from 2 to 1 daily
Mumbai – Kuwait City Reduce from 2 to 1 daily
Mumbai – Singapore Reduce from 3 to 1 daily

Route suspensions:
Bangalore – Singapore 2 daily
Delhi – Abu Dhabi 9 weekly
Delhi – Dammam 14 weekly
Delhi – Dhaka 11 weekly
Delhi – Hong Kong 7 weekly
Delhi – Riyadh 7 weekly
Kolkata – Dhaka 7 weekly
Mumbai – Abu Dhabi 12 weekly
Mumbai – Bahrain 4-7 weekly
Mumbai – Dammam 14 weekly
Mumbai – Hong Kong 7 weekly (from 23MAR19)
Pune – Abu Dhabi 7 weekly
Pune – Singapore 7 weekly

Based on current listing, service reductions/cancellations are listed until 30APR19 inclusive. However, certain suspended service until 30APR19 is currently listed as reservation not available for flights on/after 01MAY19. Various domestic routes also see service reductions.


Source: Airlineroute.net
_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10031
Location: Gordon Gekko's Boardroom

PostPosted: Sat Mar 23, 2019 9:20 am    Post subject: Reply with quote

"... an additional seven aircraft including two planes of JetLite, have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements," the airline said in a filing to the stock exchanges late evening Friday.

https://www.ndtv.com/india-news/jet-airways-suspends-services-to-13-international-routes-till-end-april-2011582
_________________
10000 posts (and counting) on Airliners-India.

Back to top
View user's profile Send private message
iah87
Member


Joined: 17 Apr 2007
Posts: 2345

PostPosted: Sun Mar 24, 2019 11:02 pm    Post subject: Reply with quote

https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/double-whammy-for-passengers-as-jet-airways-continues-to-cancel-flights/articleshow/68543725.cms

All hell is breaking loose with Jet. Flight cancellations are now at an alarming 60%. What is hurting Jet is forward bookings are weak as many in India and outside India are aware that Jet is struggling. At this rate it may not even last a month. The fares for the domestic sectors especially from/to BOM which is already restricted has increased dramatically.
Back to top
View user's profile Send private message
justbala
Member


Joined: 11 Jan 2007
Posts: 1834
Location: Bangalore

PostPosted: Sun Mar 24, 2019 11:43 pm    Post subject: Reply with quote

Why is AF announcing codeshares on routes 9W has stopped operating on?! Why is AF even announcing codeshares with 9W?!

https://www.routesonline.com/news/38/airlineroute/283531/air-france-expands-jet-airways-domestic-india-codeshare-from-may-2019/?utm_medium=email&utm_source=airlineroute&utm_campaign=airlineroute&utm_content=airlineroute-20190324
Back to top
View user's profile Send private message
luvleen
Member


Joined: 02 Jul 2012
Posts: 174
Location: Bombay

PostPosted: Mon Mar 25, 2019 5:51 am    Post subject: Reply with quote

Deal or no deal: Etihad to take final call on Jet Airways on 31 March

https://www.livemint.com/companies/news/deal-or-no-deal-etihad-to-take-final-call-on-jet-airways-on-31-march-1553467810101.html

Quote:
The board of Etihad Airways PJSC will meet 31 March to take a final decision on whether the Abu Dhabi-based carrier should make a fresh investment in Jet Airways (India) Ltd or exit the ailing airline, two people directly aware of the development said.

Etihad’s chief executive, Tony Douglas, who met State Bank of India (SBI) chairman Rajnish Kumar in Mumbai on 18 March, has sought a term sheet from Indian lenders, which require them to buy Etihad’s 24% stake in Jet Airways if the UAE airline decides to sell. Alternatively, Etihad will make fresh investments in the Mumbai-based carrier only after the lenders agree to fulfil specific conditions.

“Etihad has laid down certain conditions, which includes removal of the Naresh Goyal group from the board altogether," one of the two people cited earlier said on condition of anonymity. The airline has also sought a guarantee from the lenders for offering more credit to Jet Airways after the equity infusion, the person added.

“Etihad hopes that the lenders will be able to address all these issues before the board meeting later this month," the second person said, requesting anonymity. “Etihad has also sought a ‘put option’ through which it can sell its entire stake to the lenders (led by SBI) if it is not happy with the revised resolution plan."

Under the “put option", the seller gets the right but not the obligation to sell assets at an agreed price on or before a particular date. During his meeting with the SBI chief, Douglas offered to sell Etihad’s 24% stake to the state-run lender at ₹150 per share, or about ₹400 crore for the full stake.

The development comes after weeks of negotiation between the two sides. Etihad was on the verge of making more investments in cash-strapped Jet Airways, but later dropped the plan. “Etihad is of the view that the lenders have been rather soft on Goyal by allowing him to retain the clawback option in the airline," the second person said.

The board of Jet Airways has called a meeting in London late on Sunday to discuss the issue of resignation of the promoters, a third person said, requesting anonymity.

Founder and chairman Naresh Goyal owns a 51% stake in Jet Airways, along with his wife, Anita, who is also on the airline’s board.

Jet Airways and SBI did not respond to queries till the time of publishing this story.

“As a minority shareholder, Etihad is working closely with Indian lenders, the company and key stakeholders to facilitate a solution for Jet Airways," a spokesperson for Etihad said.

Mint reported on 15 March that the board of Etihad was not prepared to meet the bailout terms for Jet Airways proposed by a consortium of lenders led by SBI, as the UAE airline did not agree with Goyal’s demand for removal of the perpetuity clause that caps his shareholding at 22%. Etihad is also against Goyal’s proposal to nominate two directors on the airline’s board.

Jet Airways, which is facing a severe cash crunch, defaulted on a domestic loan repayment in December. According to Reserve Bank of India (RBI) regulations, lenders must resolve cases pertaining to defaulting companies such as Jet Airways within 180 days of their first default.

The airline has not paid salaries to a section of its employees, including pilots. It has also not cleared dues to lessors for the past few months.

Lessors have subsequently taken back Jet’s aircraft, forcing Jet Airways to drastically scale down operations this month.

Pilots of Jet Airways have also threatened strike from 1 April unless the airline signs a letter of intent to pay their salary dues.
Back to top
View user's profile Send private message Yahoo Messenger
luvleen
Member


Joined: 02 Jul 2012
Posts: 174
Location: Bombay

PostPosted: Mon Mar 25, 2019 5:53 am    Post subject: Reply with quote

Jet emergency loans get green signal

https://timesofindia.indiatimes.com/business/india-business/jet-emergency-loans-get-green-signal/articleshow/68553899.cms
Back to top
View user's profile Send private message Yahoo Messenger
ameya
Member


Joined: 09 May 2007
Posts: 3656
Location: Pune,Maharashtra

PostPosted: Mon Mar 25, 2019 11:54 am    Post subject: Reply with quote

[urhttps://www.cnbctv18.com/aviation/how-jet-airways-landed-in-a-soup-and-what-it-will-take-the-airline-to-fly-high-again-2710651.htm]How Jet Airways landed in a soup [/url]

Profits are as thin as a boarding pass. Skyrocketing — forgive the pun — losses are common. This has been pretty much the story since the aviation sector was liberalised in India. The history of Indian aviation is littered with airlines that have gone bust. NEPC, Damania, East West Airlines, Air Costa, Paramount, Air Pegasus, Air Carnival are just some of the examples of airlines that failed. There is a bigger list of airlines that did not take off: Fly Easy, Indus Air, Volk, Archana Airways etc. Some of these even had their aircraft ready but couldn’t see the light of the day in India.
Against this bleak backdrop, what is happening with Jet Airways needs a deeper understanding of how airlines reach a situation they eventually succumb to. The seeds of the Jet Airways issue were sown long ago.

The airline has consistently failed to clock operational profits (income from operations minus expenditure of operations). The last time the airline made an operational profit was in 2015. The net profit which the airline has recorded in the last few years has been from the money it got for the sale of land at Bandra Kurla Complex or the money it received in tranches for the partial sale of its loyalty program Jet privilege private limited (JPPL).
_________________
www.networkthoughts.com
Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic    Airliners-India Forum Index -> Civil Aviation All times are GMT + 5.5 Hours
Goto page Previous  1, 2, 3, 4, 5, 6, 7, 8, 9  Next
Page 7 of 9

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by phpBB © phpBB Group. Hosted by phpBB.BizHat.com