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Jet Airways News -- Part 15
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Caliguy
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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.
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iah87
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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 ?
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747-237
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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.

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iah87
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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%
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Caliguy
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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).
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747-237
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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.

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747-237
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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.

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747-237
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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.

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747-237
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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.
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Jeh
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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?
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747-237
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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.

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