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iah87 · Member Joined: 17 Apr 2007 Posts: 2565

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 ?

747-237 · Posted: Thu Jan 17, 2019 6:08 am Post subject:

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 · Member Joined: 17 Apr 2007 Posts: 2565

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%

Caliguy · Posted: Tue Jan 29, 2019 7:52 pm Post subject:

747-237 · Posted: Tue Jan 29, 2019 8:32 pm Post subject:

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 · Posted: Thu Jan 31, 2019 4:16 pm Post subject:

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 · Posted: Sat Feb 02, 2019 10:19 am Post subject:

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 · Posted: Sun Feb 03, 2019 4:04 pm Post subject:

Two ATR 72-600s, VT-JCY & VT-JCZ, have been returned to lessor today.
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Jeh · Posted: Mon Feb 04, 2019 9:35 am Post subject:

747-237 · Posted: Fri Feb 08, 2019 6:05 am Post subject:

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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747-237 · Posted: Thu Feb 21, 2019 8:36 pm Post subject:

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.”
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Caliguy · Posted: Fri Feb 22, 2019 6:25 pm Post subject:

PlaneLover · Member Joined: 03 Aug 2007 Posts: 275

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.

747-237 · Posted: Tue Feb 26, 2019 11:30 am Post subject:

Three 737-800s have been returned to lessors : VT-JBM, VT-JBN, VT-JBP.
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747-237 · Posted: Thu Feb 28, 2019 9:08 pm Post subject:

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.
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justbala · Member Joined: 11 Jan 2007 Posts: 1897 Location: Bangalore

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.

747-237 · Posted: Mon Mar 04, 2019 4:25 pm Post subject:

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.
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luvleen · Member Joined: 02 Jul 2012 Posts: 179 Location: Bombay

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

747-237 · Posted: Tue Mar 12, 2019 9:14 pm Post subject:

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.

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binaiks · Member Joined: 15 Jul 2007 Posts: 162 Location: VOBL/VOCI

747-237 · Posted: Fri Mar 15, 2019 7:00 am Post subject:

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
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747-237 · Posted: Fri Mar 15, 2019 7:02 am Post subject:

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.

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747-237 · Posted: Sat Mar 16, 2019 11:48 am Post subject:

Three more 737-800s have been returned to lessors : VT-JGF, VT-JBH, VT-JTD.
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The_Goat · Posted: Sat Mar 16, 2019 1:55 pm Post subject:

binaiks · Member Joined: 15 Jul 2007 Posts: 162 Location: VOBL/VOCI

747-237 · Posted: Mon Mar 18, 2019 6:58 am Post subject:

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."

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PlaneLover · Member Joined: 03 Aug 2007 Posts: 275

Alas, what a fall from grace!

747-237 · Posted: Mon Mar 18, 2019 9:10 pm Post subject:

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
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luvleen · Member Joined: 02 Jul 2012 Posts: 179 Location: Bombay

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

747-237 · Posted: Wed Mar 20, 2019 11:51 am Post subject:

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
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PlaneLover · Member Joined: 03 Aug 2007 Posts: 275

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.

Caliguy · Posted: Wed Mar 20, 2019 6:40 pm Post subject:

747-237 · Posted: Wed Mar 20, 2019 9:05 pm Post subject:

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
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747-237 · Posted: Sat Mar 23, 2019 9:20 am Post subject:

"... 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
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iah87 · Member Joined: 17 Apr 2007 Posts: 2565

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.

justbala · Member Joined: 11 Jan 2007 Posts: 1897 Location: Bangalore

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

luvleen · Member Joined: 02 Jul 2012 Posts: 179 Location: Bombay

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

luvleen · Member Joined: 02 Jul 2012 Posts: 179 Location: Bombay

Jet emergency loans get green signal

https://timesofindia.indiatimes.com/business/india-business/jet-emergency-loans-get-green-signal/articleshow/68553899.cms

ameya · Posted: Mon Mar 25, 2019 11:54 am Post subject:

[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).
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