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, 10
 
Post new topic   Reply to topic    Airliners-India Forum Index -> Civil Aviation
View previous topic :: View next topic  
Author Message
747-237
Member


Joined: 11 Jun 2007
Posts: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Sat Jul 06, 2019 11:12 am    Post subject: Reply with quote

https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/nclt-stalls-deregistration-of-jet-aircraft/articleshow/70094386.cms

NCLT stalls deregistration of Jet Aircraft

Jul 05, 2019

The bankruptcy court on Friday stalled deregistration of a Jet Airways aircraft by the aviation regulator, bringing some relief to the grounded airline currently undergoing insolvency proceedings.

Irish lessor Fleet Ireland Aircraft Lease had appealed for the deregistration of a Boeing 777 plane earlier this month, citing that the cash-strapped airline had defaulted on lease payments. The resolution professional for Jet Airways objected to it.

National Company Law Tribunal (NCLT) in its order said it would issue notices to the Directorate General of Civil Aviation and the lessor to appear before the court on July 19. Until then the deregistration would be stalled.

NCLT had in June admitted a plea from Jet's top lender State Bank of India on loan repayment defaults by the airline, and appointed Ashish Chhawchharia of Grant Thornton as resolution professional (RP) to carry out the insolvency process.

RP would take stock of all claims from Jet's creditors, including its employees who haven't been paid since January, and try to find it a new investor. That failing, the company would go into liquidation.

In his objection to Fleet Ireland’s appeal, the counsel for RP said deregistering one aircraft would encourage other lessors to file similar applications. This would affect Jet's valuation. Also, the airline needs to have at least five planes in its fleet to retain its flying permit. Jet currently has 14 planes in its fleet, down from its peak fleet size of 124 last December.

_________________
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: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Wed Jul 10, 2019 8:09 am    Post subject: Reply with quote

Two more former Jet Airways A330-300s, VT-JWR & VT-JWU have been ferried out of DEL today.
_________________
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: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Thu Jul 18, 2019 9:21 pm    Post subject: Reply with quote

747-237 wrote:
One of the former Jet Airways 777-300ER, VT-JEQ (& VT-JEJ before that) parked at BOM, has now received new (Austrian) registration as OE-IIJ.

VT-JEJ -> To Gulf Air as VT-JEJ -> To Thai as HS-TKJ -> To Jet Airways as VT-JEQ -> To ? (after collapse) as OE-IIJ


VT-JEQ, now OE-IIJ, has finally been ferried out of BOM today.
_________________
10000 posts (and counting) on Airliners-India.

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


Joined: 28 Oct 2007
Posts: 4685
Location: New Delhi

PostPosted: Thu Nov 14, 2019 6:30 pm    Post subject: Reply with quote

Hmm...JetPrivilege is now Intermiles.
https://www.intermiles.com/
Even the content is unchanged at most places, with the words `JetPrivilege' and Jet Airways still visible. The programme is still a lame duck.
Lipstick on a...
Cheers,
Back to top
View user's profile Send private message
The_Goat
Member


Joined: 03 Mar 2007
Posts: 3198
Location: South of France

PostPosted: Sat Nov 16, 2019 4:06 pm    Post subject: Reply with quote

747-237 wrote:
https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/nclt-stalls-deregistration-of-jet-aircraft/articleshow/70094386.cms

NCLT stalls deregistration of Jet Aircraft

Jul 05, 2019

The bankruptcy court on Friday stalled deregistration of a Jet Airways aircraft by the aviation regulator, bringing some relief to the grounded airline currently undergoing insolvency proceedings.

Irish lessor Fleet Ireland Aircraft Lease had appealed for the deregistration of a Boeing 777 plane earlier this month, citing that the cash-strapped airline had defaulted on lease payments. The resolution professional for Jet Airways objected to it.

.




'Relief' for an airline that is already dead and buried? What a bloody joke!

What do the clowns at the NCLT want? More rotting Jet Airways aircraft in India airports and even more foreign lessors avoiding Indian lessees like the plague?

Seriously, anyone thinking that Jet Airways will be back in the air in any shape or form needs psychiatric treatment.
_________________
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
747-237
Member


Joined: 11 Jun 2007
Posts: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Tue Jan 21, 2020 10:14 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/85442-klm-buys-jet-airways-dutch-assets-including-stranded-b777

KLM buys Jet Airways' Dutch assets, including stranded B777

21.01.2020 - 02:32 UTC

KLM Royal Dutch Airlines has agreed to acquire the Dutch assets of bankrupt Jet Airways, including a B777-300(ER) seized at Amsterdam Schiphol over unpaid debts, as well as slots at the airport.

"[Jet Airways] and a Dutch Trustee entered into a conditional sale & purchase agreement with Koninklijke Luchtvaart Maatschappij N.V., on January 13, 2020, for the proposed resolution of business activities of the Company in the Netherlands as approved by the Committee of Creditors. The proposed resolution is subject to the completion of several conditions including statutory and regulatory clearances, both under Indian law and Dutch laws," Jet Airways' Resolution Professional Ashish Chhawchharia said in a stock market filing.

The Boeing widebody, VT-JEW (msn 35164), has been stored at Amsterdam Schiphol airport since April 10, 2019, after being impounded by cargo handler Worldwide Flight Services (WFS) citing Jet's unpaid debts.

KLM told Dutch online news website NU.nl that it will decide whether to induct the B777 into its own fleet or sell it after it has carried out the necessary checks. The Dutch flag carrier operates fourteen B777-300(ER)s, the ch-aviation fleets advanced module shows.

While the transaction covers airport slots at Amsterdam's notoriously congested Schipol hub airport, it will have to be confirmed by the Dutch airport slot coordinator, Airport Coordination Netherlands (ACNL). The Indian airline operated 4x daily to Amsterdam using three of its own slot pairs and one leased from KLM, its former commercial partner.

KLM said that it also acquired Jet Airways' office space in the Netherlands.

The value of the transaction was not disclosed but India's Business Standard daily cited sources saying it could fetch USD23 million for the creditors.

Jet's insolvency proceedings in the Netherlands are separate from its ongoing liquidation in India, where two prospective bidders - Synergy Aerospace and Prudent Asset Reconstruction Company - recently submitted Expressions of Interest (EOIs) to acquire the defunct airline.

Jet Airways continues to own a further six B777-300(ER)s. The aircraft are subject to a dispute with EXIM Bank (United States of America) which helped finance their acquisition. The airline's assets also include two A330-200s, two B737-800s, and one B737-900.

_________________
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: 3198
Location: South of France

PostPosted: Sun Mar 08, 2020 9:35 pm    Post subject: Reply with quote

747-237 wrote:
747-237 wrote:
One of the former Jet Airways 777-300ER, VT-JEQ (& VT-JEJ before that) parked at BOM, has now received new (Austrian) registration as OE-IIJ.

VT-JEJ -> To Gulf Air as VT-JEJ -> To Thai as HS-TKJ -> To Jet Airways as VT-JEQ -> To ? (after collapse) as OE-IIJ


VT-JEQ, now OE-IIJ, has finally been ferried out of BOM today.


And OE-IIJ has been scrapped at Shannon. She was just 11 years old.

Crying shame that such a young aircraft belonging to such a popular pedigree couldn't get a longer life with an airline. Jet's maintenance seems to have been a pretty shoddy affair.
The more I think of Indian aviation, the more ashamed I feel. It seems to be an industry full of incompetent showoffs with little ability other than giving a fine excuse for all their problems.
_________________
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
747-237
Member


Joined: 11 Jun 2007
Posts: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Tue Mar 24, 2020 7:11 pm    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/88052-jet-airways-liquidators-given-to-late-2q20-to-find-investor

Jet Airways' liquidators given to late 2Q20 to find investor

24.03.2020

The Indian National Company Law Tribunal (NCLT) has granted Jet Airways' resolution professionals another 90-day extension in which to find investors for the grounded carrier, The Economic Times has reported. The current and legally the last possible deadline falls on June 13, 2020.

The default deadline expired on March 15, 2020, 270 days after liquidation procedures began, with the creditors have given potential bidders only until March 10 to submit offers. As valid bids were submitted by that deadline, the creditors subsequently decided to request a deferral.

Considering the exceptional circumstances, the NCLT granted a 90-day extension rather than a standard 60-day one. However, no further extensions will be possible under law. Therefore, if no bidders emerge by mid-June, Jet Airways will have to be liquidated.

According to Indian media, three entities had expressed an interest in bidding for Jet Airways prior to the last deadline. Synergy Aerospace has been interested since the first, failed attempt to elicit bids in the second half of 2019, but remains cautious given the lack of clarity as to the ownership of Jet Airways' former slots and some of the airline's past liabilities. There is also Delhi-based Prudent ARC which is reportedly still trying to secure funding for its bid while the third bidder, the Russian Far East Development Fund, had eyed the relaunch of Jet Airways using SSJ 100/95 regional jets but reportedly lost interest once that proved unviable.

Jet Airways' total claimed debt amounts to INRR360.9 billion rupees (USD4.7 billion).

_________________
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: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Thu Apr 16, 2020 8:28 pm    Post subject: Reply with quote

Interesting graphic punlished by moneycontrol.com today.



_________________
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: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Tue May 12, 2020 6:23 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/90155-jet-airways-eyes-resumption-as-pandemic-cargo-specialist

Jet Airways eyes resumption as pandemic cargo specialist

11.05.2020

Liquidators of Jet Airways have applied to the Indian Ministry of Civil Aviation (MoCA) for a permit to use three of the defunct carrier's B777-300(ER)s as freighters, thus capitalising on increased demand for COVID-19 cargo capacity, The Hindu Business Line has reported.

The resolution professionals (RP) have already secured approval from the Committee of Creditors to reactivate three of Jet's Boeing widebodies. It is understood that the airline would not reconfigure the B777s as makeshift dedicated freighters but rather use them in their existing passenger configuration.

In April, Indian regulators, in the interests of preserving supply chains and allow for the transport of vital medical equipment, granted carriers blanket approval to use their passenger aircraft to transport cargo. So far, Air India, SpiceJet, IndiGo Airlines, as well as other smaller airlines, have operated multiple cargo-only flights using their passenger aircraft.

"We would like to make use of the airworthiness advisory circular issued by Directorate General of Civil Aviation last month permitting the usage of passenger aircraft as cargo aircraft. All the approvals we had at the time when Jet was operational are in a dormant stage; we would request you to activate those approvals so that we can meet the DGCA's regulatory requirements," the resolution professionals wrote.

Jet Airways has been dormant since April 2019, when it suspended all operations citing inadequate capital reserves. Insolvency proceedings before the National Company Law Tribunal commenced in June that year and are still ongoing.

The company will remain under bankruptcy protection for the duration of the proceedings as the RPs are trying to find new investors. As such, while the bulk of Jet Airways' aircraft have been repossessed by lessors, the carrier continues to own two B737-800s, one B737-900, and six B777-300(ER)s, the ch-aviation fleets ownership module shows. The B777s are stored at Mumbai Int'l (three), Delhi Int'l (two), and San Bernardino (one) airports.

However, sources said that the Indian authorities have only responded that they will "consider" the request but were "not hopeful it would work". A full review is expected to take as much as a month. In addition, Jet Airways, which reportedly has near-zero cash reserves, would need to secure a fresh injection of capital from its creditors to cover start-up and operational costs before any revenue is generated from cargo-only operations.

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

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


Joined: 17 Apr 2007
Posts: 2492

PostPosted: Tue May 12, 2020 7:25 pm    Post subject: Reply with quote

It is time to put Jet out of its misery by distributing its remaining aircraft assets to the creditors before those assets lose even more value, in fact they should have sold the assets earlier this year and now with current pandemic the aircraft's value has been diminished.

I am surprised that they have still 9 aircraft, although the stored number shows only 6.

No point in starting cargo only operations now when there are other carriers in India already doing that.
Back to top
View user's profile Send private message
The_Goat
Member


Joined: 03 Mar 2007
Posts: 3198
Location: South of France

PostPosted: Wed May 13, 2020 12:58 pm    Post subject: Reply with quote

iah87 wrote:
It is time to put Jet out of its misery by distributing its remaining aircraft assets to the creditors before those assets lose even more value, in fact they should have sold the assets earlier this year and now with current pandemic the aircraft's value has been diminished.

I am surprised that they have still 9 aircraft, although the stored number shows only 6.

No point in starting cargo only operations now when there are other carriers in India already doing that.


Most of their stored planes are 777s, which are in a terrible state of maintenance if reports are to be believed. A 11 year old ex-9W 77W was scrapped recently.

I doubt the ex-9W 77Ws are in a condition to fly even cargo, even though the added capacity would be welcome in times like these. There is not much air cargo capacity available in India, which is really a crying shame for a country of that size. Come an emergency, and it is the IAF planes that have to rush to the country's rescue. Even the likes of UAE and Qatar have more air cargo capacity than India does.
_________________
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
iah87
Member


Joined: 17 Apr 2007
Posts: 2492

PostPosted: Thu May 14, 2020 9:45 pm    Post subject: Reply with quote

You may be right, if these aircraft can be used for dedicated international cargo, it might work, but not as Jet airways, since the carrier has severe liabilities, and it will be difficult to restart the airline, even as cargo only.

May be one of the existing Indian carriers can use it as cargo if the aircraft can be refurbished. Only carriers which already have 777 are Air India and may be Vistara (in the future). Not sure if Indigo wants to operate wide bodies, so that leaves Vistara and Spice Jet's cargo subsidiary. Between Vistara and Spice Express, probably go with Spice as Vistara is still struggling with international passenger services. With AI's status uncertain, doubt if AI wants to start cargo services now.
Back to top
View user's profile Send private message
The_Goat
Member


Joined: 03 Mar 2007
Posts: 3198
Location: South of France

PostPosted: Fri Oct 09, 2020 1:05 am    Post subject: Reply with quote

Heard from the bozos at A.net that Jet Airways (or whatever exists of the company) has been allowed to dispose off some property and raise USD 100 million. This money will be paid to the US Exim Bank, which will transfer the rights of 7 B777-300ERs presently stored (rotting?) in India to the company.

So now the aircraft are a part of the now-defunct airline's 'assets', meaning that whoever acquires the airline can use, sell or deal with them in any way.

I'm not an expert in financing but does this make any sense?

Will seven 777s, possibly with rats running through them and crows nesting in the undercarriage , make the airline any more attractive to a potential investor?
_________________
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
iah87
Member


Joined: 17 Apr 2007
Posts: 2492

PostPosted: Mon Oct 12, 2020 7:44 pm    Post subject: Reply with quote

The_Goat wrote:
Heard from the bozos at A.net that Jet Airways (or whatever exists of the company) has been allowed to dispose off some property and raise USD 100 million. This money will be paid to the US Exim Bank, which will transfer the rights of 7 B777-300ERs presently stored (rotting?) in India to the company.

So now the aircraft are a part of the now-defunct airline's 'assets', meaning that whoever acquires the airline can use, sell or deal with them in any way.

I'm not an expert in financing but does this make any sense?

Will seven 777s, possibly with rats running through them and crows nesting in the undercarriage , make the airline any more attractive to a potential investor?


Correct, makes no sense. In the current environment, 777's are not worth much and even less if they are poorly maintained like they are in Jet's case. They should take the money and distribute to the existing bank creditors.
Back to top
View user's profile Send private message
The_Goat
Member


Joined: 03 Mar 2007
Posts: 3198
Location: South of France

PostPosted: Sun Oct 18, 2020 1:32 am    Post subject: Reply with quote

Kalrock Capital-Murari Lal Jalan win Jet Airways bid

Creditors to Jet Airways have approved a resolution plan which will give the country’s oldest private carrier a new lease of life, the airline said in a regulatory filing on Saturday.

Eighteen months after it shut down and sixteen months after it became the first airline company to be admitted under the insolvency and bankruptcy code (IBC), a plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessmen Murari Lal Jalan was approved on Saturday.


https://www.telegraphindia.com/business/kalrock-capital-murari-lal-jalan-win-jet-airways-bid/cid/1795049

So apparently old niner whiskey still has someting to offer to the world, it seems. All their debt and the cornona crisis hasn't stopped people from expressing interest.
Interesting to see how and where this will end up.

Anyone in the know about Kalrock capital and Mr. Murari Lal Jalan? Do they have any experience in the airline business?
_________________
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
iah87
Member


Joined: 17 Apr 2007
Posts: 2492

PostPosted: Wed Oct 21, 2020 7:51 pm    Post subject: Reply with quote

The_Goat wrote:
Kalrock Capital-Murari Lal Jalan win Jet Airways bid

Anyone in the know about Kalrock capital and Mr. Murari Lal Jalan? Do they have any experience in the airline business?


https://indianexpress.com/article/explained/explained-how-jet-airways-could-fly-again-6812685/

From the article...

It is noteworthy that neither of the parties in the consortium have experience in managing a passenger airline.


So there is the answer. Looks like Murari Jalan wants to ignore India's past airline ventures of various operators, and Kalrock partners somehow believes him in his brave but foolhardy venture. This is like winning a lottery, yes there is a chance that Jet airways might be successful and profitable again, but odds are bleak.

The key here is bank loans, hope the Indian banks are smarter than before and do not loan this partnership even more money.
Back to top
View user's profile Send private message
The_Goat
Member


Joined: 03 Mar 2007
Posts: 3198
Location: South of France

PostPosted: Thu Oct 22, 2020 11:24 pm    Post subject: Reply with quote

iah87 wrote:




So there is the answer. Looks like Murari Jalan wants to ignore India's past airline ventures of various operators, and Kalrock partners somehow believes him in his brave but foolhardy venture. This is like winning a lottery, yes there is a chance that Jet airways might be successful and profitable again, but odds are bleak.

The key here is bank loans, hope the Indian banks are smarter than before and do not loan this partnership even more money.


Whatever Murari Jalan or Kalrock may be, the creditors of Jet Airways have found them to be the most suitable bet to revive the business. That's quite an achievement, given that the likes of the Hindujas were in the run for some time. I'm assuming they all know what they are in for.

And yes, according to the A.net bozo club, they've hired Nikos Kardassis, the former CEO. The man is close to Mr and Mrs. NG. If Murari Jalan has any sense, he should make sure that NG is at least a 1000 miles away from anything even remotely resembling Jet Airways.

A lot of course, will depend on whether the New Jet Airways can get back the old 9W's slots at its hubs of BOM, DEL and in other key markets like BLR, LHR, DXB and HKG. The GoI has allowed other airlines to acquire them. And one can be sure that the likes of IndiGo, Vistara and even good old Air India will try every dirty trick in the book to make sure the New 9W doesn't get off the ground.

Interesting times ahead....
_________________
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
iah87
Member


Joined: 17 Apr 2007
Posts: 2492

PostPosted: Fri Oct 23, 2020 8:15 pm    Post subject: Reply with quote

The_Goat wrote:

A lot of course, will depend on whether the New Jet Airways can get back the old 9W's slots at its hubs of BOM, DEL and in other key markets like BLR, LHR, DXB and HKG. The GoI has allowed other airlines to acquire them. And one can be sure that the likes of IndiGo, Vistara and even good old Air India will try every dirty trick in the book to make sure the New 9W doesn't get off the ground.

Interesting times ahead....


Yes, one of the keys are the slots, however, Jet needs aircraft and suitable markets to utilize all the slots.

And it is in the best interest of Vistara, AI, Indigo and Spicejet to ensure that the new 9W does not get off the ground, why add another competitor. This could actually also affect the proposed AI sale. Tatas could convince GoI that giving all the previous slots to new 9W would jeopardize Vistara and AI and that in turn could affect the sale.

It will be interesting to see what happens.
Back to top
View user's profile Send private message
The_Goat
Member


Joined: 03 Mar 2007
Posts: 3198
Location: South of France

PostPosted: Sat Nov 21, 2020 5:53 pm    Post subject: Reply with quote

So according to some DEL based YouTubers, the three 9W 77Ws stored there have been performing engine runs and taxi tests. AI engineering is apparently involved in getting them into shape.

Either they are planning to re-start operations, or sell the aircraft to raise funds.I wonder what it is.
_________________
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
747-237
Member


Joined: 11 Jun 2007
Posts: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Mon Nov 23, 2020 12:01 pm    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/97612-creditors-unwilling-to-fund-jet-airways-restart

Creditors unwilling to fund Jet Airways' restart

23.11.2020

Lenders are hesitant to inject any fresh funds into Jet Airways to finance the airline's planned resurrection under new ownership.

Two sources in the financial sector told Live Mint that lenders are in principle unwilling to get involved in the airline sector in India at this time. In particular, they are worried that Jet Airways would require sizeable investment beyond the funds pledged by its new owners to restart, as planned, in April 2021, two years after the airline's collapse.

The new owners have not, thus far, made any formal overtures to banks for more funding. However, as it stands, they may have to resort to using their own resources to finance the carrier's restart.

Out of Jet's total debts of over INR250 billion rupees (USD3.4 billion), around INR80 billion (USD1.1 billion) is due to various financial creditors. Under the recently outlined resolution plan, the lenders are expected to take a 90% haircut on these debts. They would also be able to convert the unsustainable debts into equity, including a 9.5% in Jet Airways itself and a 7.5% in its once profitable loyalty programme Jet Privilege, now renamed InterMiles.

The new owners, a consortium of London-based Kalrock Capital and entrepreneur Murari Lal Jalan, pledged to pay INR10 billion (USD135 million) for the airline. While the plan has been approved by the creditors' consortium, it has yet to be okayed by the National Company Law Tribunal (NCLT).

_________________
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: 3198
Location: South of France

PostPosted: Tue Nov 24, 2020 2:01 am    Post subject: Reply with quote

747-237 wrote:
https://www.ch-aviation.com/portal/news/97612-creditors-unwilling-to-fund-jet-airways-restart

Creditors unwilling to fund Jet Airways' restart

23.11.2020

Lenders are hesitant to inject any fresh funds into Jet Airways to finance the airline's planned resurrection under new ownership.

Two sources in the financial sector told Live Mint that lenders are in principle unwilling to get involved in the airline sector in India at this time. In particular, they are worried that Jet Airways would require sizeable investment beyond the funds pledged by its new owners to restart, as planned, in April 2021, two years after the airline's collapse.

.


That should have gone without saying. Nobody in his/her right mind will ever sink more money into a debt-laden, defunct-for-all-practical-purposes airline in the midst of the corona crisis. I doubt Mr .Murari Jalan and Kalrock would have gone ahead with this deal, with the hope of getting future investors on board.
At the very least, they would need to cough up enough money to restart operations in some shape or form.
_________________
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
iah87
Member


Joined: 17 Apr 2007
Posts: 2492

PostPosted: Wed Nov 25, 2020 10:07 pm    Post subject: Reply with quote

The_Goat wrote:
747-237 wrote:
https://www.ch-aviation.com/portal/news/97612-creditors-unwilling-to-fund-jet-airways-restart

Creditors unwilling to fund Jet Airways' restart

23.11.2020

Lenders are hesitant to inject any fresh funds into Jet Airways to finance the airline's planned resurrection under new ownership.

Two sources in the financial sector told Live Mint that lenders are in principle unwilling to get involved in the airline sector in India at this time. In particular, they are worried that Jet Airways would require sizeable investment beyond the funds pledged by its new owners to restart, as planned, in April 2021, two years after the airline's collapse.

.


That should have gone without saying. Nobody in his/her right mind will ever sink more money into a debt-laden, defunct-for-all-practical-purposes airline in the midst of the corona crisis. I doubt Mr .Murari Jalan and Kalrock would have gone ahead with this deal, with the hope of getting future investors on board.
At the very least, they would need to cough up enough money to restart operations in some shape or form.


If any Indian bank gives loans to this new Jet airways group at this time, they should be investigated carefully with possible criminal charges. This new group better be prepared to cough up the entire former Jet airways liabilities to restart this airline in this challenging times.
Back to top
View user's profile Send private message
The_Goat
Member


Joined: 03 Mar 2007
Posts: 3198
Location: South of France

PostPosted: Sun Nov 29, 2020 10:26 pm    Post subject: Reply with quote

iah87 wrote:


If any Indian bank gives loans to this new Jet airways group at this time, they should be investigated carefully with possible criminal charges.


If the new owners of 9W and their investors are willing to provide an adequate collateral then Indian banks should not hesitate to give loans.

All the arguments about the wisdom of acquiring the carrier apart, we know nothing about what Murari Jalan and Kalrock have in their minds. One never knows but they don't seem to be the high flying hubris types like Vijay Mallya or the arrogant 'me control all' types like Naresh Goyal. Let's hope they are saner and have their heads between their shoulders.

Given the recession, plenty of jobs need to be created in India in every sector. If Murari Jalan can get it going, it will benefit not only 9W's creditors but also the entire economy. So let's wish them well.
_________________
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
747-237
Member


Joined: 11 Jun 2007
Posts: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Wed Dec 09, 2020 6:42 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/98156-indias-jet-airways-looks-to-regain-slots-traffic-rights

Jet Airways looks to regain slots, traffic rights

07.12.2020

The new owners of Jet Airways have started talks with Indian regulators about regaining access to airport slots and traffic rights held by the airline prior to its April 2019 collapse, a source close to the investors told Business Standard.

According to the current schedule, the Indian airline could restart operations at some point during the Summer 2021 season, subject to the still pending approval of the National Company Law Tribunal. Under a creditor-approved plan, the carrier will be 51%-owned by Murari Lal Jalan, a non-resident Indian businessman based in the United Arab Emirates while 14% will be owned by the fellow investor Kalrock Capital, a London-based fund.

The source said that while Jalan took interest in Jet Airways right after its grounding, he was initially unconvinced about its profit-making potential. However, as the COVID-19 pandemic ravaged the industry, the cost of restarting the airline has plummeted.

"The pandemic gave us an opportunity as it has lowered the cost of acquiring the aircraft and manpower drastically. Jet Airways has the brand value, customer confidence, infrastructure like slots and bilateral rights, while the liabilities are being wiped off. We are getting a clean slate, which would not have come with Air India," the source explained.

Air India is also seeking investors. Jalan indirectly benefitted from the Indian government's ongoing, although so far dead-end, attempts to privatise the flag carrier. In the hope of attracting foreign investors for Air India, the government abolished a ban on majority foreign ownership of airlines last year. As a non-resident Indian, Jalan would not have been able to own a 51% stake in Jet Airways under the old legal framework.

The source also said that Jet's new owners have already approached Indian banks over potential funding for the restart of the carrier. Contrary to earlier reports, financial institutions and lessors are said to be willing to engage with Jalan and Kalrock Capital.

_________________
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: 3198
Location: South of France

PostPosted: Wed Dec 16, 2020 6:52 pm    Post subject: Reply with quote

B777W VT-JEH, whcih was doing engine and taxi runs in DEL sometime ago, has apparently been ferried out of India.

@747-237: Any idea where she has gone?
_________________
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
747-237
Member


Joined: 11 Jun 2007
Posts: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Wed Dec 16, 2020 7:11 pm    Post subject: Reply with quote

The_Goat wrote:
B777W VT-JEH, whcih was doing engine and taxi runs in DEL sometime ago, has apparently been ferried out of India.

@747-237: Any idea where she has gone?


She has been ferried to France (Tarbes–Lourdes–Pyrénées Airport) yesterday, where she is to be scrapped.
_________________
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: 3198
Location: South of France

PostPosted: Mon Dec 21, 2020 7:10 pm    Post subject: Reply with quote

747-237 wrote:
The_Goat wrote:
B777W VT-JEH, whcih was doing engine and taxi runs in DEL sometime ago, has apparently been ferried out of India.

@747-237: Any idea where she has gone?


She has been ferried to France (Tarbes–Lourdes–Pyrénées Airport) yesterday, where she is to be scrapped.


How sad! This is the second 9W 777W that is meeting the same fate. Looks like all of 9Ws 77Ws will end up as beer cans!

Not a good sign for Indian aviation.
_________________
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
747-237
Member


Joined: 11 Jun 2007
Posts: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Fri Mar 05, 2021 10:10 pm    Post subject: Reply with quote

747-237 wrote:
747-237 wrote:
One of the former Jet Airways 777-300ER, VT-JEQ (& VT-JEJ before that) parked at BOM, has now received new (Austrian) registration as OE-IIJ.

VT-JEJ -> To Gulf Air as VT-JEJ -> To Thai as HS-TKJ -> To Jet Airways as VT-JEQ -> To ? (after collapse) as OE-IIJ


VT-JEQ, now OE-IIJ, has finally been ferried out of BOM today.


Just heard that this airframe was scrapped in July 2020, in Greenwood, Mississippi.
_________________
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: 3198
Location: South of France

PostPosted: Sun Mar 21, 2021 10:15 pm    Post subject: Reply with quote

Boeing begins ‘return to service’ work on five B737 Max of erstwhile Jet Airways ..



NEW DELHI: Boeing has begun “return to service” modification ..

Read more at:
http://timesofindia.indiatimes.com/articleshow/81615656.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst


It looks like the MAX has no future in India at all.
Why isn't SpiceJet taking up the matter with the DGCA? Their entire future is dependent on this aircraft.
_________________
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
justbala
Member


Joined: 11 Jan 2007
Posts: 1872
Location: Bangalore

PostPosted: Tue Jun 22, 2021 5:00 pm    Post subject: Reply with quote

https://www.moneycontrol.com/news/business/nclt-approves-kalrock-jalan-consortiums-resolution-plan-for-jet-airways-7070271.html

The National Company Law Tribunal (NCLT) on June 22, approved the Kalrock-Jalan consortium's resolution plan for Jet Airways, with riders.

The Mumbai bench of the NCLT has given the Directorate General of Civil Aviation (DGCA) and Ministry of Civil Aviation (MCA) 90 days from June 22 to allot slots to the airline, CNBC-TV18 has reported.
Back to top
View user's profile Send private message
iah87
Member


Joined: 17 Apr 2007
Posts: 2492

PostPosted: Tue Jun 22, 2021 7:10 pm    Post subject: Reply with quote

It is still doubtful if the airline can start in 90 days. With the pandemic taking a heavy toll in the existing carriers in India, this is hardly the time to restart an airline.

This consortium will lose money and I hope Indian banks are not foolish enough to give loans again to this group.
Back to top
View user's profile Send private message
The_Goat
Member


Joined: 03 Mar 2007
Posts: 3198
Location: South of France

PostPosted: Wed Jun 23, 2021 6:56 pm    Post subject: Reply with quote

iah87 wrote:
It is still doubtful if the airline can start in 90 days. With the pandemic taking a heavy toll in the existing carriers in India, this is hardly the time to restart an airline.

This consortium will lose money and I hope Indian banks are not foolish enough to give loans again to this group.


Indian banks will give loans to whoever gives adequate guarantees and collaterals.

And this group seems to have raised some money by selling the erstwhile B777 fleet for spares. So I doubt they'll go to the bank with empty hands.

Re-starting passenger ops may be tricky, given the state of the market. This is particularly true if they plan to start as a full service carrier.

That said, a good idea would be to use some of the investment to convert a few of their remaining 738s to freighters. There is still a lot of demand for cargo. They can potentially do very well by getting into partnership with Amazon Prime or Fedex and positioning themselves as a feeder for India.
_________________
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
747-237
Member


Joined: 11 Jun 2007
Posts: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Fri Jul 09, 2021 9:57 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/105473-staff-of-indias-jet-airways-must-back-revival-or-lose-perks

Staff of India’s Jet Airways must back revival or lose perks

07.07.2021

As voting got underway for Jet Airways employees to approve the Kalrock-Jalan consortium’s proposal to revive the airline, Business Standard reported that at least 95% of them will have to agree or risk losing the benefits offered to them under the plan.

Staff began voting on the offer on July 5 and the process will continue until August 4. Jet Airways currently has 3,600 employees, compared to 9,000 in June 2019, the newspaper said. Jet Airways ceased operations in April 2019.

According to the offer from the consortium of London-based Kalrock Capital and Dubai-based businessman Murari Lal Jalan, Jet Airways employees would receive, through a welfare trust, a 0.5% stake in the airline and a 76% stake in groundhandling subsidiary Airjet Ground Services.

Staff would be paid INR11,000 (USD147) or INR22,800 (USD305) in cash each, depending on their positions, plus an air ticket voucher worth INR10,000 (USD134), with some also receiving phones, laptops, or iPads allocated via a lottery.

If fewer than 95% of the workers vote in favour, these benefits will lapse, with the 0.5% stake and money earmarked for the cash payments to be given to creditors, according to Business Standard.

One employee told the newspaper that the cash offer is little consolation for the staff who have remained, waiting for the revival. Another claimed that “there is no assurance of a job in the new entity, and moreover if we get selected it will be at lower pay than what we earned in 2019.”

_________________
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: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Fri Sep 03, 2021 5:49 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/107435-indias-jet-airways-aims-to-restart-in-1q22

Jet Airways aims to restart in 1Q22

03.09.2021

Despite not having secured the critical slots at congested Mumbai Int'l and Delhi Int'l airports it needs, Jet Airways (JAI, Mumbai Int'l) is still hoping to restart scheduled flights in the first quarter of 2022, CNBC TV18 has reported.

The consortium of Murari Lal Jalan, a UAE-based Indian investor, and UK fund Kalrock Capital, secured the approval of the National Company Law Tribunal (NCLT) in June 2021, although it has yet to clear all obstacles. The Punjab National Bank (PNB) filed an appeal at the National Company Law Appellate Tribunal (NCLAT), alleging "gross irregularities" during the bankruptcy resolution. The appeal resulted in a stay of execution for the takeover's approval. The tribunal will hear the case on September 21, 2021.

Jet Airways is currently in talks with the Indian Directorate General of Civil Aviation (DGCA) about reactivating its Operating Licence (OL). It began hiring personnel, for the time being, mostly in maintenance and administration but continues the search for a new chief executive officer. Meanwhile, it is reportedly in talks with both Airbus and Boeing about a potential order for new-generation narrowbody aircraft. The carrier still owns one A330-200, two B737-800s, one B737-900, and five B777-300(ER)s, the ch-aviation fleets ownership module shows. However, it is reportedly looking at selling these aircraft in favour of leasing new ones.

Pending the confirmation of its slot portfolio, Jet Airways has been unable to finalise its network plans. The carrier intends to focus on trunk domestic routes in India in the first phase of its revival using Mumbai, Delhi, and Bangalore Int'l as its main hubs.

_________________
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: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Sun Sep 05, 2021 7:27 am    Post subject: Reply with quote

https://www.livemint.com/companies/news/jet-airways-boeing-777-in-dutch-administrator-custody-sold-insolvency-process-to-close-11630769914688.html

Jet Airways' Boeing 777 sold in Netherlands to close insolvency proceedings

04 Sep 2021

Jet Airways has announced that its wide-body Boeing 777 aircraft under the custody of the Dutch administrator has been sold. In a regulatory filing on Saturday, the airline mentioned that the insolvency process against it the Netherlands now stands concluded after the sale.

The Boeing 777 aircraft was sold to IAGCAS 777, LLC for $9 million under the Dutch Insolvency Process.

“The sale of equipment is as per the terms of the protocol, whereunder it is agreed that the proceeds from the sale of equipment will be first utilised for the closure of Dutch Insolvency Process in Netherland, to ensure the company is no more declared insolvent in the Netherlands and balance funds, if any, shall be repatriated to India which shall be dealt as per the provision of the Insolvency and Bankruptcy Code," said Ashish Chhawchharia, Jet Airways Monitoring Committee-authorised representative, in the filing.

“We wish to further inform that subsequent to the sale of the Equipment and after completing the requisite formalities, the Dutch Insolvency Process shall stand concluded," Chhawchharia added.

Jet Airways was declared bankrupt in the Netherlands in response to a complaint by two European creditors. Thereafter, as per the Noord-Holland District Court order on May 21, 2019, insolvency proceedings were initiated against the airline.

Rocco Mulder was appointed as Dutch administrator in the insolvency proceedings to manage the estate of Jet Airways in Netherlands. He took custody of the company's assets in the country on the date of initiation of insolvency proceedings, which included one Boeing 777-300ER aircraft parked at Schiphol Airport.

_________________
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: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Sat Sep 11, 2021 10:20 am    Post subject: Reply with quote

B777-300(ER) VT-JEW (msn 35164), seized at Amsterdam Schiphol together with slots at the airport over unpaid debts, has been sold for USD9 million. It has remained stored at Schiphol since April 2019. KLM had been interested in buying the twinjet and the slots, but the deal fell through less than a year later.

Chhawchharia announced the acquisition in a letter to the National Stock Exchange of India dated September 4, declaring: “This is now to inform that as per the information received from the Dutch Administrator, the equipment under the custody of the Dutch Administrator has been sold to [Miami-based entity] IAGCAS 777 LLC for USD9 million under the Dutch Insolvency Process.”

The proceeds from the sale “will be first utilised for the closure of the Dutch Insolvency Process, to ensure the company is no more declared insolvent in the Netherlands, and the balance of the funds, if any, shall be repatriated to India [...]. We wish to further inform that subsequent to the sale of the equipment and after completing the requisite formalities, the Dutch Insolvency Process shall stand concluded,” he added.


https://www.ch-aviation.com/portal/news/107660-jet-airways-relaunch-in-jeopardy-b777-sold-for-9mn
_________________
10000 posts (and counting) on Airliners-India.

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


Joined: 17 Apr 2007
Posts: 2492

PostPosted: Mon Sep 13, 2021 7:26 pm    Post subject: Reply with quote

https://www.yahoo.com/finance/news/indias-jet-airways-resume-domestic-054626187.html

Article says that Jet plans to resume domestic ops in Q1 22 and international later in the year. Things dont look good for Jet due to plethora of airlines operating in India, but time will tell if Jet will succeed.
Back to top
View user's profile Send private message
747-237
Member


Joined: 11 Jun 2007
Posts: 10722
Location: Gordon Gekko's Boardroom

PostPosted: Thu Sep 16, 2021 9:30 am    Post subject: Reply with quote

Good time to move on to Jet Airways News -- Part 16

http://airlinersindia.s4.bizhat.com/viewtopic.php?p=155932
_________________
10000 posts (and counting) on Airliners-India.

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, 10
Page 10 of 10

 
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