Jet Airways crisis: SBI forgets it is neither debt-ridden airline's promoter nor nation’s conscience keeper
5 years, 9 months ago

Jet Airways crisis: SBI forgets it is neither debt-ridden airline's promoter nor nation’s conscience keeper

Firstpost  

For SBI to say that it has to infuse equity into the nosediving Jet Airways amounts to the worst kind of mixing up of roles At the height of the IL&FS crisis, Life Insurance Corporation of India swore that it could not possibly see its baby go down the chute. LIC, along with a few other public sector financial companies, was the promoter of IL&FS and therefore one could understand its emotional ties with it; but for State Bank of India to say that it has to infuse equity into the nosediving Jet Airways in the interest of consumers and competition amounts to the worst kind of mixing up of roles. SBI should realise that even 50 percent recovery would be better in terms of time value of money vis-à-vis the interminable wait entailed in wishing for a nosediving airline to take wings afresh and start showing results including repayment of dues to creditors. In 2011, SBI and ICICI Bank among others paid a whopping 60 percent premium over the then-prevailing market price of Kingfisher Airlines’ shares—about Rs 64 per share when the market quotation was about Rs 39.

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History of this topic

Jet Airways liquidation: Why India needs a new regime to save airlines
1 month, 4 weeks ago

Jet Airways liquidation: Why India needs a new regime to save airlines

Live Mint  

Learning by doing is about the only way to master swimming, cycling or yoga, but does it apply to harnessing India’s Insolvency and Bankruptcy Code as well, particularly in the case of airlines? After Go Air, it is now Jet Airways’s turn to go into liquidation after an insolvency resolution process under IBC failed to sell the business as a …

Jet Airways revival hits new snag as banks push back on funding
2 years, 1 month ago

Jet Airways revival hits new snag as banks push back on funding

Live Mint  

Lenders to bankrupt Jet Airways India Ltd. are resisting a court-approved resolution plan, further delaying the former No. The primary dispute is about whether the new owners of Jet Airways need to pay more money into the pension funds of ex-employees, the people said, asking not to be identified because they’re not authorized to speak publicly about the matter. Banks, …

Jet Airways takes to the skies after three years: What’s in store for the once-bankrupt airline?
2 years, 8 months ago

Jet Airways takes to the skies after three years: What’s in store for the once-bankrupt airline?

Firstpost  

Jet Airways has already hired over 200 people across major operations, including former SpiceJet and Vistara executive Sanjiv Kapoor as its CEO. The airline plans to start operations in the September quarter of this year A Jet Airways test flight took to the skies on Thursday from Hyderabad Airport for the first time after a hiatus of three years. The …

Jet Airways revival plan: Creditors panel to meet today, may decide on extending deadline to two suitors keen on crisis-hit airline
4 years, 10 months ago

Jet Airways revival plan: Creditors panel to meet today, may decide on extending deadline to two suitors keen on crisis-hit airline

Firstpost  

The second bidder, South America-based Synergy Group, did not submit a plan for Jet Airways and the group reportedly sought clarity on slots in the domestic and international routes of the grounded airline. Even as Jet Airways’ Committee of Creditors is to meet today to decide on extending deadline to two suitors that have evinced interest in the grounded airline, …

Jet Airways crisis: Lenders mull liquidation of grounded airline after EoIs attract no major bidder, CoC may meet this week
5 years, 4 months ago

Jet Airways crisis: Lenders mull liquidation of grounded airline after EoIs attract no major bidder, CoC may meet this week

Firstpost  

The decision of Abu Dhabi-based Etihad Airways to exit from the resolution plan of the crisis-hit airline has reportedly hastened Jet Airways’ liquidation process. The revival of grounded Jet Airways seems to be over with the debt-laden airline’s strategic partner Etihad Airways reportedly moving out of the resolution plan, said a media report. The decision of Abu Dhabi-based Etihad Airways …

Jet Airways crisis: SBI moves intervention plea against HDFC claim on airline's BKC property; NCLT adjourns matter for 8 August
5 years, 5 months ago

Jet Airways crisis: SBI moves intervention plea against HDFC claim on airline's BKC property; NCLT adjourns matter for 8 August

Firstpost  

Mumbai: State Bank of India, the lead lender to the bankrupt Jet Airways, on Wednesday moved an intervention application against mortgage lender HDFC’s plea claiming rights over a portion of the airline’s BKC property. On 4 July, the mortgage lender HDFC had moved the NCLT seeking to keep the airline’s BKC property out of the bankruptcy process saying three floors …

Cash-strapped Jet Airways lenders attempt to sell bankrupt carrier again; to call bids for asset sale by 20 July
5 years, 5 months ago

Cash-strapped Jet Airways lenders attempt to sell bankrupt carrier again; to call bids for asset sale by 20 July

Firstpost  

Last month, JetAirways’ creditors, led by State Bank of India, took the airline to the bankruptcy court after failing to agree on a revival plan New Delhi: Lenders to Jet Airways will open bids to sell the bankrupt airline on 20 July as they look to recover about 85 billion rupees of loans, two sources familiar with the matter said …

Investors continue to dump Jet Airways shares; tank 15% after lenders decide to move airline to NCLT
5 years, 6 months ago

Investors continue to dump Jet Airways shares; tank 15% after lenders decide to move airline to NCLT

Firstpost  

New Delhi: Jet Airways stock tumbled nearly 15 percent on Tuesday after State Bank of India-led consortium of lenders decided to send the grounded airline to the National Company Law Tribunal. Harried bankers on Monday decided against an outright sale of Jet Airways to the lone bidder, and instead voted to send it for bankruptcy to recover their Rs 8,000 …

Jet Airways crisis: SBI-led consortium gives up revival bid, votes for bankruptcy court to recover Rs 8,000 cr dues
5 years, 6 months ago

Jet Airways crisis: SBI-led consortium gives up revival bid, votes for bankruptcy court to recover Rs 8,000 cr dues

Firstpost  

The Etihad-Hinduja consortium had reportedly shown interest in Jet Airways but not given a concrete proposal yet, forcing the lenders to take the NCLT plunge Mumbai: Harried bankers on Monday decided against an outright sale of Jet Airways to the lone bidder, instead voted to send it for bankruptcy to recover their Rs 8,000 crore dues. The decision of the …

Jet Airways to be taken to bankruptcy court
5 years, 6 months ago

Jet Airways to be taken to bankruptcy court

The Hindu  

As six months of efforts to save one of the country’s leading airlines, Jet Airways, failed, the lenders have now decided to take it to the bankruptcy court, which will decide the future course of action. “Lenders have been taking efforts to find a resolution for Jet Airways outside the IBC, but in view of the above, they have decided …

Jet Airways crisis: Hinduja Group, Etihad Airways reconsider investment; shares of airline slump as much as 14.8%
5 years, 6 months ago

Jet Airways crisis: Hinduja Group, Etihad Airways reconsider investment; shares of airline slump as much as 14.8%

Firstpost  

Promoters of Hinduja Group expressed concerns over ongoing government investigations into Jet Airways and insolvency pleas submitted by its creditors London-based Hinduja Group has reportedly decided to halt negotiations for buying a stake in now-grounded Jet Airways while Abu Dhabi-based Etihad Airways has put its plan on hold to invest further, a media report said. Promoters of Hinduja Group expressed …

Jet Airways revival: Asking banks to write off Rs 8,500-cr outstanding is unfairness at its worst
5 years, 7 months ago

Jet Airways revival: Asking banks to write off Rs 8,500-cr outstanding is unfairness at its worst

Firstpost  

There is no reason why the SBI-led lenders’ consortium should not prevail upon the new promoters to carry the dues as a liability in Jet Airways’ balance sheet with a moratorium period of, say 10 years. Be it Etihad Airways or the Hindujas or both teaming up and suitors before them, their common, almost reflex refrain, has been State Bank …

Crisis-hit Jet airways may find its saving grace this week
5 years, 7 months ago

Crisis-hit Jet airways may find its saving grace this week

India Today  

Crisis-hit airline Jet Airways could find its saving grace this week as Indian conglomerate Hinduja Group is expected to place a bid for the airline, backed by minority shareholder Etihad Airways and founder Naresh Goyal. The Hinduja Group has fixed a meeting with Etihad Airways on May 23, where discussions will be held in order to revive the airline which …

Clarity on Jet Airways expected in a week, says SBI chief Rajnish Kumar
5 years, 7 months ago

Clarity on Jet Airways expected in a week, says SBI chief Rajnish Kumar

Live Mint  

New Delhi: It may not be over till it is over. Even as some industry veterans believe that grounded Jet Airways may have hit the end of the road, State Bank of India Chairman Rajnish Kumar remains optimistic that clarity over the future course of the airline will emerge in a week's time. Private equity firm TPG Capital, Indigo Partners, …

Grounded Jet Airways shares plummet over 24% in one month; market valuation erodes by Rs 451.26 cr to Rs 1,409 cr
5 years, 7 months ago

Grounded Jet Airways shares plummet over 24% in one month; market valuation erodes by Rs 451.26 cr to Rs 1,409 cr

Firstpost  

In one month, shares of Jet Airways tumbled 24.28 percent to Rs 124.10 on the BSE Friday from Rs 163.90 on 18 April New Delhi: Shares of Jet Airways have fallen over 24 percent in one month since the cash-starved airline suspended operations. Jet Airways witnessed top-level exodus earlier this week, with four senior executives, including chief executive Vinay Dube …

Jet Airways CEO Vinay Dube quits: With top executives deserting ailing airline, is there any hope left for its revival?
5 years, 7 months ago

Jet Airways CEO Vinay Dube quits: With top executives deserting ailing airline, is there any hope left for its revival?

Firstpost  

With the top level management throwing in the towel today, is now clear that there is no future for Jet Airways. Is the resignation of three top executives at Jet Airways the last nail in the beleaguered airline’s coffin? On Tuesday evening, Vinay Dube, CEO, Jet Airways, Amit Agarwal, deputy CEO and Chief Financial Officer, and Rahul Taneja, Chief People …

Jet Airways revival: Etihad Airways bids for minority stake in beleaguered airline; SBI-led lenders’ consortium, NIIF to get hit
5 years, 7 months ago

Jet Airways revival: Etihad Airways bids for minority stake in beleaguered airline; SBI-led lenders’ consortium, NIIF to get hit

Firstpost  

Etihad Airways’ decision to bid for Jet Airways could possibly be a way to preserve the bilateral it was given, as well as to protect its India feed. Etihad Airways PJSC’s bid for a minority stake in Jet Airways India is non-binding and subject to fulfillment of certain conditions by the temporarily grounded airline’s lenders, said two people aware of …

Jet Airways crisis: Etihad Airways bid in cash-strapped airline comes as a sign of relief but hinges on finding another partner
5 years, 7 months ago

Jet Airways crisis: Etihad Airways bid in cash-strapped airline comes as a sign of relief but hinges on finding another partner

Firstpost  

Etihad’s bid for Jet Airways is a sort of a surprise as it has run up $4.8 billion worth of losses over the past three years The tension was palpable. No one knows yet the terms set out by Etihad Airways with respect to investing in Jet Airways, given the bid is yet to be assessed. Etihad said, “Etihad Airways …

Jet Airways employees’ bailout offer: No harm in trying because buyer apathy in any case stares at banks
5 years, 8 months ago

Jet Airways employees’ bailout offer: No harm in trying because buyer apathy in any case stares at banks

Firstpost  

Unfortunately for Jet Airways employees, there is nothing to leverage with the grounded airline’s net worth in the negative. A group of Jet Airways employees, who had earlier offered to take over the distressed airline, met SBI Caps officials on Thursday to discuss the proposal. SBI Caps told the Jet Airways employees that their proposal would be considered only after …

Jet employees' consortium writes to SBI, seeks permission to bid for crisis-hit airline
5 years, 8 months ago

Jet employees' consortium writes to SBI, seeks permission to bid for crisis-hit airline

India Today  

As uncertainty continues over the fate of the shuttered Jet Airways, an employees' consortium has proposed to take over the airline with at least Rs 3,000 crore expected from outside investors for the bid, according to two staff unions. Two associations representing pilots and engineers -- SWIP and JAMEVA -- have written to State Bank of India Chairman Rajnish Kumar …

Jet Airways crisis: National Aviator's Guild urges Narendra Modi to ask SBI to release one month's staff salary
5 years, 8 months ago

Jet Airways crisis: National Aviator's Guild urges Narendra Modi to ask SBI to release one month's staff salary

Firstpost  

Jet Airways has not paid March salaries to its over 20,000 employees. Mumbai: The National Aviator’s Guild, which represents pilots of the grounded carrier Jet Airways on Saturday requested Prime Minister Narendra Modi to “direct” the airline’s lender State Bank of India to release one month’s salary of all the employees. In a late evening Letter to the respected Prime …

Jet Airways debacle: Satyam-style model worked with Tech Mahindra but will not be answer to cash-strapped airline's fortunes
5 years, 8 months ago

Jet Airways debacle: Satyam-style model worked with Tech Mahindra but will not be answer to cash-strapped airline's fortunes

Firstpost  

So much so, even if IndiGo, for example, agrees to take Jet Airways in its wide wings on merger, it would not be enough because the cash crunch would spread from Jet Airways to Indigo. Tech Mahindra has taken this in its stride just as it had the Enforcement Directorate freezing more than Rs 800 crore of fixed deposits as …

Jet Airways will do everything to revive airline: CEO
5 years, 8 months ago

Jet Airways will do everything to revive airline: CEO

India Today  

India's Jet Airways is constantly engaging with the government and lenders for a resolution of the current debt crisis and will not leave any stone unturned to revive the airline, its chief executive officer Vinay Dube told television channel ET Now in an interview. "But I would like to think that a flying Jet Airways makes definite sense for them …

Jet Airways revival at stake; shortlisted bidders find no value in parking funds in embattled airline
5 years, 8 months ago

Jet Airways revival at stake; shortlisted bidders find no value in parking funds in embattled airline

Firstpost  

Etihad, which was keen to buy controlling stake in Jet Airways, has reportedly had a second thought to go ahead with the investment process as it could not find any value left in the embattled airline. The hopes for revival of the temporarily grounded Jet Airways received a major blow as all the shortlisted bidders, including its former strategic partner …

Jet Airways crisis: Lenders keen on resolution outside insolvency law framework in case bidding process fails
5 years, 8 months ago

Jet Airways crisis: Lenders keen on resolution outside insolvency law framework in case bidding process fails

Firstpost  

Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival New Delhi: As they explore ways to recover debt, lenders of Jet Airways are in favour of a resolution outside the insolvency law framework in case the ongoing bidding process fails to take off, …

11 Jet lenders could see a major haircut to their exposure
5 years, 8 months ago

11 Jet lenders could see a major haircut to their exposure

Live Mint  

Etihad Airways PJSC has asked lenders to Jet Airways Ltd to take an 80% haircut on their debt to the grounded airline for the Abu Dhabi-based carrier to make a bid, a person directly aware of the matter said. If accepted, the step would see as many as 11 banks forced to make sizeable writeoffs to their exposure to Jet …

Jet Airways crisis: Lenders keen on non-IBC resolution if bidding process fails
5 years, 8 months ago

Jet Airways crisis: Lenders keen on non-IBC resolution if bidding process fails

India TV News  

As they explore ways to recover debt, lenders of Jet Airways are in favour of a resolution outside the insolvency law framework in case the ongoing bidding process fails to take off, sources said. While lenders are "reasonably hopeful" of a successful bidding process, sources said banks are working on a plan B in case things don't progress as expected. …

Lenders explore ways to utilise 15 Jet Airways planes, protect valuable assets; proposals under consideration
5 years, 8 months ago

Lenders explore ways to utilise 15 Jet Airways planes, protect valuable assets; proposals under consideration

Firstpost  

New Delhi: Lenders are exploring ways to utilise about 15 planes owned by Jet Airways and also discussing with authorities on protecting the valuable assets, including airport slots, of the now-shuttered airline, banking sources said. The sources said the lenders are actively considering proposals, including from Air India, for utilising the planes owned by Jet Airways. Also, while the lenders …

Jet Airways issues gag order, fearing impact on stake sale
5 years, 8 months ago

Jet Airways issues gag order, fearing impact on stake sale

India TV News  

The grounded Jet Airways has issued a gag order to its employees advising them to refrain from speaking with external stakeholders. An internal mail accessed by IANS suggests that talking with external stakeholders especially the media might impact the bidding process for airline's stake sale. The airline's revival now depends on successful stake sale initiated by the lenders led by …

Jet issues gag order, fearing impact on stake sale
5 years, 8 months ago

Jet issues gag order, fearing impact on stake sale

The Quint  

By Nirbhay Kumar New Delhi, April 19 The grounded Jet Airways has issued a gag order to its employees advising them to refrain from speaking with external stakeholders. An internal mail accessed by IANS suggests that talking with external stakeholders especially the media might impact the bidding process for airline's stake sale. The airline's revival now depends on successful stake …

Jet shares crash ahead of auction
5 years, 8 months ago

Jet shares crash ahead of auction

India Today  

Jet Airways Ltd shares crashed by over 32 per cent on Thursday amid fears about whether the grounded airline would ever fly again even as banks claimed that they "are reasonably hopeful'' of selling the airline to a new investor. Shares of Jet Airways continued to fall for the second day in a row, plummeting by as much as 32.23 …

Jet Airways lenders 'reasonably hopeful' of getting successful bids for grounded cash-strapped airline
5 years, 8 months ago

Jet Airways lenders 'reasonably hopeful' of getting successful bids for grounded cash-strapped airline

Firstpost  

Jet Airways still has a market capitalisation of about $400 million, as investors have clung to hopes of a rescue deal being clinched. Mumbai: Lenders to India’s Jet Airways Ltd said on Thursday they are “reasonably hopeful” that the bidding process for the grounded airline will end successfully. Jet Airways, once India’s largest private airline, on Wednesday evening halted all …

Jet Airways shuts down operations: A timeline of how the 'Joy of Flying' airline's dreams soured
5 years, 8 months ago

Jet Airways shuts down operations: A timeline of how the 'Joy of Flying' airline's dreams soured

Firstpost  

Jet Airways halted all operations on Wednesday after its lenders rejected its plea for emergency funding from the airline that was once India’s largest private carrier. Beleaguered carrier Jet Airways halted all operations on Wednesday after its lenders rejected its plea for emergency funding from the airline that was once India’s largest private carrier. 27 August: Jet posts June-quarter loss, …

Binding bids from investors to determine Jet Airways’ revival, say lenders
5 years, 8 months ago

Binding bids from investors to determine Jet Airways’ revival, say lenders

Live Mint  

Lenders to Jet Airways said on Thursday that they have decided, the best way forward for the survival of Jet Airways is to get the binding bids from potential investors. “The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed expression …

Jet Airways shut down temporarily for want of funds
5 years, 8 months ago

Jet Airways shut down temporarily for want of funds

Live Mint  

Mumbai: Jet Airways Ltd flew its last flight on Wednesday night—9W 2502 from Amritsar to Mumbai—after lenders declined to hand out emergency funds, bringing the curtains down on an era in which it broke into a state monopoly sector to become India’s largest private airline at one point. “A decision like this is never easy to make, but without the …

Jet Airways faces imminent shutdown without emergency funds from lenders: Report
5 years, 8 months ago

Jet Airways faces imminent shutdown without emergency funds from lenders: Report

Firstpost  

Jet’s management had advised the airline’s board to temporarily suspend the company’s operations, according to reports Mumbai/New Delhi: Jet Airways Ltd will be forced to shut down as soon as Wednesday if it does not get emergency funding from its lenders, two sources familiar with the matter said on Tuesday. Bankers and an Indian government official said lenders are trying …

Jet Airways lenders working on revival, no final decision yet: PNB managing director Sunil Mehta
5 years, 8 months ago

Jet Airways lenders working on revival, no final decision yet: PNB managing director Sunil Mehta

Firstpost  

New Delhi: Lenders to the cash-strapped Jet Airways are committed to reviving the air carrier but nothing has been finalised yet, Punjab National Bank Managing Director Sunil Mehta said on Tuesday. On Monday, SBI said the bid process for the orderly sale of equity in Jet Airways is currently being run by SBI Caps and is being vetted by the …

Jet Airways lenders meet finance ministry officials amid shutdown reports
5 years, 8 months ago

Jet Airways lenders meet finance ministry officials amid shutdown reports

Live Mint  

While a discussion on Jet Airways’ revival is going on, no plan has been finalized, said Sunil Mehta, chief executive of Punjab National Bank. Jet Airways’ lenders have carried out a bidding process to sell up to 75% stake in the airline. Etihad Airways PJSC, India’s National Investment and Infrastructure Fund and private equity firms TPG Capital and Indigo Partners …

Jet Airways lenders pick four bidders for debt-laden airline's stake sale; uncertainty over emergency funding continues
5 years, 8 months ago

Jet Airways lenders pick four bidders for debt-laden airline's stake sale; uncertainty over emergency funding continues

Firstpost  

Jet Airways chief executive Vinay Dube in an internal communication has said the lenders could not decide on the emergency funding and that the board of the airline will meet on Tuesday to take a call on the future. Amid the uncertainty over the release of emergency funding to ailing Jet Airways, a consortium of lenders reportedly picked four firms …

Jet pilots hit an air pocket on funding, way forward
5 years, 8 months ago

Jet pilots hit an air pocket on funding, way forward

The Hindu  

Members of Jet Airways pilots’ association, the National Aviator’s Guild, who had gathered at the airline headquarters on Monday, had to leave without any definite answers on the way forward and interim funding. The pilots appealed to the State Bank of India to release ₹1,500 crore, which was proposed to be infused in the cash-strapped airline as part of a …

Jet Airways crisis: Airline's survival under threat as lenders still undecided on funding; board to meet on Tuesday
5 years, 8 months ago

Jet Airways crisis: Airline's survival under threat as lenders still undecided on funding; board to meet on Tuesday

Firstpost  

Jet Airways chief executive Vinay Dube in an internal communication has said the lenders could not decide on the emergency funding and that the board of the airline will meet Tuesday to take a call on the future. Mumbai: Jet Airways’ survival remained under serious threat after its lenders on Monday deferred a much-anticipated decision to provide emergency funds to …

Jet Airways crisis: Pilots body appeals SBI to release Rs 1,500 crore, asks Narendra Modi to save 20,000 jobs
5 years, 8 months ago

Jet Airways crisis: Pilots body appeals SBI to release Rs 1,500 crore, asks Narendra Modi to save 20,000 jobs

Firstpost  

Jet Airways is operating just 6-7 planes, with almost its entire fleet being grounded due to non-payment of rentals to lessors amid severe paucity of cash Mumbai: Jet Airways pilots body, the National Aviator’s Guild, Monday appealed the State Bank of India to release Rs 1,500 crore, which was proposed to be infused in the ailing carrier as part of …

Jet Airways pilots body appeal to SBI for funds, seek PM intervention
5 years, 8 months ago

Jet Airways pilots body appeal to SBI for funds, seek PM intervention

The Hindu  

Jet Airways pilots body, the National Aviator’s Guild, on Monday appealed the State Bank of India to release ₹1,500 crore, which was proposed to be infused in the ailing carrier as part of a debt-restructuring plan last month. “We would like to appeal SBI to release ₹1,500 crore funds for the airline to help it continue operations. We also appeal …

Jet Airways pilots appeal to SBI for funds, also ask PM to save 20,000 jobs
5 years, 8 months ago

Jet Airways pilots appeal to SBI for funds, also ask PM to save 20,000 jobs

Live Mint  

Jet Airways pilots body, the National Aviator's Guild, Monday appealed the State Bank of India to release ₹1,500 crore, which was proposed to be infused in the ailing carrier as part of a debt-restructuring plan last month. "We would like to appeal SBI to release ₹1,500 crore funds for the airline to help it continue operations. We also appeal Prime …

Jet Airways pilots appeal to SBI for funds, ask PM Modi to save 20,000 jobs
5 years, 8 months ago

Jet Airways pilots appeal to SBI for funds, ask PM Modi to save 20,000 jobs

India Today  

Jet Airways pilots body, the National Aviator's Guild, Monday appealed the State Bank of India to release Rs 1,500 crore, which was proposed to be infused in the ailing carrier as part of a debt-restructuring plan last month. "We would like to appeal SBI to release Rs 1,500 crore funds for the airline to help it continue operations. We also …

Jet Airways’ pilots union defers strike plan, says it wants to give airline another chance
5 years, 8 months ago

Jet Airways’ pilots union defers strike plan, says it wants to give airline another chance

Live Mint  

The National Aviators Guild, representing three-fourths of all Jet Airways pilots, on Sunday evening, told its members to stop flying from midnight, after the management failed to pay salary dues as promised, before rescinding its decision hours later. Last week, Jet pilots had threatened legal action against the management of the cash-strapped airline if pending salaries for the last three …

Over 1,000 Jet Airways pilots not to fly from Monday due to unpaid salaries
5 years, 8 months ago

Over 1,000 Jet Airways pilots not to fly from Monday due to unpaid salaries

Live Mint  

More than a thousand pilots of India's debt-laden Jet Airways will not fly from on Monday as they have not been paid salaries for the past three months, the President of the National Aviators Guild said on Sunday. An urgent meeting to discuss the Jet situation was held at the prime minister's office on Friday, which was also attended by …

Forced to step down, Naresh Goyal now returns to put in bid for cash-strapped Jet Airways
5 years, 8 months ago

Forced to step down, Naresh Goyal now returns to put in bid for cash-strapped Jet Airways

Firstpost  

Last month, Goyal and his wife Anita Goyal stepped down from the board of the airline, which has more than Rs 8,000 crore debt. Mumbai: Jet Airways founder Naresh Goyal has put in bid for buying stake in the ailing airline, sources said. Airline sources told PTI Goyal has put in bid for Jet Airways. Passengers stranded Meanwhile, the crisis …

Jet Airways to seek interim funding from lenders on Monday
5 years, 8 months ago

Jet Airways to seek interim funding from lenders on Monday

Live Mint  

Mumbai: Jet Airways Ltd, struggling to stay afloat and avoid being taken to the bankruptcy court, will on Monday meet with lenders—led by the State Bank of India —with a fresh demand for interim funding. SBI Capital Markets Ltd, which is managing a Jet Airways stake sale, got expressions of interest from about five investors until about an hour before …

Jet Airways: Flights cancelled with Indian carrier on brink of total collapse
5 years, 8 months ago

Jet Airways: Flights cancelled with Indian carrier on brink of total collapse

The Independent  

Sign up to Simon Calder’s free travel email for expert advice and money-saving discounts Get Simon Calder’s Travel email Get Simon Calder’s Travel email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Indian carrier Jet Airways appears to be on the point of total collapse, with almost …

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