Jet Airways drafts revival plan after ₹1,323 crore Q1 loss
6 years, 4 months ago

Jet Airways drafts revival plan after ₹1,323 crore Q1 loss

Live Mint  

New Delhi: Jet Airways Ltd on Wednesday reported a fiscal first quarter loss of ₹ 1,323 crore, excluding those of its unit, on higher fuel costs and foreign exchange losses. The Jet Airways board on Monday approved a turnaround plan for the airline, which includes a cost reduction programme of more than ₹ 2,000 crore over two years, a plan to improve pricing, better inventory management, leveraging its JetPrivilege Programme, capital infusion and fleet simplification, the company said in a statement. “The two significant proposals considered by the board of directors today, that is, infusion of capital and the monetization of the airline’s stake in its loyalty programme, bode well for the long-term financial health and sustainability of the airline,” said Naresh Goyal, chairman of Jet Airways. “Accordingly, the financial results continue to be prepared on a going concern basis, which contemplates realization of assets and settlement of liabilities in the normal course of business, including financial support to its subsidiaries.” Jet Airways chief executive Vinay Dube said in a statement that the rise in the price of Brent crude, a depreciating rupee and a resulting mismatch between high fuel prices and low fares have adversely impacted the Indian aviation industry, including Jet Airways.

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History of this topic

Jet Airways liquidation: Why India needs a new regime to save airlines
2 months 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' 1.43 lakh retail shareholders stare at wipeout after Supreme Court liquidation order
2 months, 1 week ago

Jet Airways' 1.43 lakh retail shareholders stare at wipeout after Supreme Court liquidation order

Hindustan Times  

The 1.43 lakh retail shareholders of Jet Airways are now staring at a complete wipeout of their investments after the Supreme Court ordered the troubled airline's liquidation on Thursday, November 8, rejecting the Jalan Kalrock consortium’s takeover bid. Naresh Goyal, chairman of Jet Airways According to exchange data, retail investors currently own 19.29% of Jet Airways Ltd shares. This amounts …

JetBlue posts a surprise Q2 profit and will delay new planes to cut costs and rebuild the business
5 months, 2 weeks ago

JetBlue posts a surprise Q2 profit and will delay new planes to cut costs and rebuild the business

Associated Press  

NEW YORK — JetBlue Airways reported a $25 million profit for the second quarter, and executives on Tuesday described a strategy of cutting costs to rebuild the business, sending the company’s shares sharply higher. The small profit was down 82% from a year ago, but it was a surprise to analysts who expected the New York-based airline to post a …

SpiceJet Q4 Results: Net Profit Surges Six-Fold to Rs 119 Crore, FY24 Loss Narrows By 73%
6 months ago

SpiceJet Q4 Results: Net Profit Surges Six-Fold to Rs 119 Crore, FY24 Loss Narrows By 73%

News 18  

Spicejet Q4 Results: Budget airline SpiceJet Ltd on Monday reported a sixfold surge in its net profit to Rs 119 crore for the fourth quarter ended March 31, 2024. Spicejet’s net profit had stood at Rs 17 crore in the corresponding period last year, according to the company’s statement. For the fiscal year ended March 31, 2024, SpiceJet significantly reduced …

Air India: ₹7,000 Crore write-offs in FY23
1 year, 5 months ago

Air India: ₹7,000 Crore write-offs in FY23

Live Mint  

Air India incurred significant write-offs amounting to an estimated ₹7,000 crore during the financial year 2022-23. However, despite these challenges, Air India managed to reduce its losses and achieve positive earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs at an operating level, the publication reported. Air India, along with its subsidiary Air India Express, achieved EBITDAR positivity …

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 relaunch hits turbulence: CEO confirms salary cut, leave without pay
2 years, 1 month ago

Jet Airways relaunch hits turbulence: CEO confirms salary cut, leave without pay

Hindustan Times  

Once a celebrated airline, Indian carrier Jet Airways has hit another roadblock ahead of its relaunch, leaving many of its employees with reduced salaries and on leave without pay. ‘Team working to revive’ Clearing the air about numbers and figures circulating on the internet, Kapoor said that only a small portion of the total employees – less than 10 per …

Five graphs tell SpiceJet’s turbulence story
2 years, 5 months ago

Five graphs tell SpiceJet’s turbulence story

Live Mint  

SpiceJet has hit a snag. After three SpiceJet aircraft reported issues on the same day, the Directorate General of Civil Aviation issued a show-cause notice to the airline on 5 July. Partly due to a ransomware attack in May, the latest month for which the data was available, 53,707 SpiceJet passengers suffered on account of “boarding denied", cancellation, or delays …

JetBlue sees return to profitability delayed by flight woes
2 years, 8 months ago

JetBlue sees return to profitability delayed by flight woes

Associated Press  

DALLAS — JetBlue Airways said Tuesday that it lost $255 million in the first quarter, and widespread flight cancellations in April plus the need to hire and train more pilots will delay the company’s return to profitability. Like other airlines that have reported financial results this month, JetBlue said demand for tickets is strong and fares are rising — the …

Jet Airways 2.0: From launch date to benefits for flyers, CEO Sanjiv Kapoor reveals key details
2 years, 9 months ago

Jet Airways 2.0: From launch date to benefits for flyers, CEO Sanjiv Kapoor reveals key details

India Today  

Jet Airways is gearing up to take to Indian skies by October 2022, airline Chief Executive Officer Sanjiv Kapoor said. FACILITIES FOR FLYERS Newly appointed CEO Sanjiv Kapoor said that Jet Airways will offer two-class facilities for flyers as part of the airline's plan to return with a hybrid of no-frills and premium services. Kapoor said Jet Airways has 200 …

Jet Fuel Prices At All-time High: Will Airlines Raise Domestic Flight Ticket Prices Soon?
2 years, 9 months ago

Jet Fuel Prices At All-time High: Will Airlines Raise Domestic Flight Ticket Prices Soon?

News 18  

As the jet fuel prices have been rising for quite some time and currently hovering at an all-time high levels, the aviation industry is facing the heat on its finances. ICRA on Jet Fuel Hikes Rating agency ICRA expects the Indian aviation industry to report a net loss of Rs 25,000-26,000 crore in FY2022. “Elevated aviation turbine fuel prices, which …

Data | Despite increase in flyers, Indian airlines struggle to turn a profit
2 years, 9 months ago

Data | Despite increase in flyers, Indian airlines struggle to turn a profit

The Hindu  

The aviation industry is caught between a rock and a hard place. Thus, despite an increase in passenger traffic, airline firms continue to suffer Profit-loss statement The graph shows IndiGo and SpiceJet’s profit/loss made after tax in ₹ ‘000 million. Now, despite the surge in passenger traffic, airlines are yet to come out of the woods as jet fuel prices …

Air India owes ₹2,350 crore to AAI, SpiceJet ₹185 crore
3 years, 1 month ago

Air India owes ₹2,350 crore to AAI, SpiceJet ₹185 crore

The Hindu  

Air India and SpiceJet have outstanding dues of ₹2,350 crore and ₹185 crore respectively to the Airports Authority of India as on September this year, Minister of State for Civil Aviation V.K. Charging penal interest, encashment of security deposits along with resorting to legal action were other measures available with the AAI to carry out recovery of dues, he noted. …

Explained | What are the challenges Jet Airways faces before it can take off again?
3 years, 6 months ago

Explained | What are the challenges Jet Airways faces before it can take off again?

The Hindu  

The story so far: Two years after Jet Airways — at the time India’s second-largest full-service airline — halted operations in 2019 as it ran out of cash, the carrier has a real chance at getting airborne again. When Jet Airways halted operations in 2019, the government distributed its airport slots among various other Indian carriers. At the time, the …

Kalrock-Jalan cleared to restart Jet
3 years, 6 months ago

Kalrock-Jalan cleared to restart Jet

The Hindu  

The National Company Law Tribunal, Mumbai, on Tuesday approved the resolution plan of Kalrock Capital and entrepreneur Murari Lal Jalan for the revival of Jet Airways two years after the airline shut down operations due to a cash crunch. “The Consortium maintains its stand that it wants to work alongside the Ministry of Civil Aviation, the Directorate General of Civil …

Jet Airways Operations Remain Tough, Uncertain Despite CoC Approval Of Revival Plan: Expert
4 years, 2 months ago

Jet Airways Operations Remain Tough, Uncertain Despite CoC Approval Of Revival Plan: Expert

ABP News  

It seems that troubles for the ailing Jet Airways isn’t getting over soon even as the committee of creditors has approved the airline's revival plan submitted by the Kalrock Capital-Murari Lal Jalan consortium. According to news agency PTI report, Kaul has said the "terms" accepted by the Jet Airways creditors did not make sense to CAPA.The committee of creditors has …

Civil aviation revenues down 85%, 18,000 jobs lost
4 years, 3 months ago

Civil aviation revenues down 85%, 18,000 jobs lost

Deccan Chronicle  

Chennai: Revenues in the civil aviation sector have dropped by 85 per cent since the coronavirus lockdown. As per the data from the Ministry of Civil Aviation, domestic traffic fell close to 80 per cent from 5.85 crore during March-July 2019 to 1.20 crore in March-July 2020. International traffic too reduced 87 per cent from 93.45 lakh to 11.55 lakh …

Air India's Net Loss Stands at Around Rs 2,570 Crore in First Quarter of 2020-21: Puri
4 years, 3 months ago

Air India's Net Loss Stands at Around Rs 2,570 Crore in First Quarter of 2020-21: Puri

News 18  

Air India has incurred a net loss of about Rs 2,570 crore in the first quarter of 2020-21 as compared to a net loss of Rs 785 crore sustained in the corresponding period a year ago, Civil Aviation Minister Hardeep Singh Puri said on Thursday. "The net loss in quarter 1 of FY20-21 is about Rs 2,570 crore as compared …

Revenues of Indian airlines fell by over 85% in April-June period: Hardeep Singh Puri
4 years, 4 months ago

Revenues of Indian airlines fell by over 85% in April-June period: Hardeep Singh Puri

India Today  

The revenue of Indian airlines fell by over 85 per cent to Rs 3,651 crore during the first quarter of FY21 due to the severe disruption caused by the Covid-19 pandemic. Civil Aviation Minister Hardeep Singh Puri on Wednesday stated in a written reply in Rajya Sabha that Indian airlines suffered a 85.7 per cent revenue loss in comparison to …

SpiceJet Q1 results: Airlines reports net loss of ₹600 crore, owing to COVID
4 years, 4 months ago

SpiceJet Q1 results: Airlines reports net loss of ₹600 crore, owing to COVID

Live Mint  

SpiceJet, low-cost carrier, has reported a consolidated net loss of ₹600.5 crore for the the quarter ended June 2020 as flight operations remained suspended for most part of the quarter in the wake of coronavirus outbreak. "The COVID-19 pandemic, has contributed to a significant decline and volatility, and a significant decrease in economic activity, in global and Indian markets," said …

Jet Airways Pays $13 Million to Take Ownership of Six Boeing Aircraft and Engines
4 years, 5 months ago

Jet Airways Pays $13 Million to Take Ownership of Six Boeing Aircraft and Engines

News 18  

Jet Airways, which is undergoing an insolvency resolution process, has acquired ownership of six Boeing aircraft along with engines, according to a regulatory filing. As per the filing, a buyout option was exercised whereby the company made payment of USD 13,000,000 to acquire ownership of six aircraft and engines. "One of the end-uses contemplated by the NCLT order is that …

IndiGo reports record quarterly net loss of ₹2,844.3 crore in Q1 on account of covid-19
4 years, 5 months ago

IndiGo reports record quarterly net loss of ₹2,844.3 crore in Q1 on account of covid-19

Live Mint  

New Delhi: InterGlobe Aviation Limited, which operates the country's largest airline, reported its largest quarterly loss during the three months that ended on 30 June, due to muted demand, amidst lockdown and travel restrictions, caused by the covid-19 pandemic. The airline's expenses however dropped by 51.8% to ₹3,986.40 crore during the April-June 2020 period as it didn't operate any scheduled …

IndiGo reports ₹1,066 crore loss in Sept-quarter as costs surge
5 years, 2 months ago

IndiGo reports ₹1,066 crore loss in Sept-quarter as costs surge

Live Mint  

IndiGo, India's biggest airline, reported a bigger loss in the September quarter, hurt by higher expenses and as the aviation industry grapples with slowing passenger growth in a sluggish economy. The airline's owner InterGlobe Aviation Ltd's net loss in the three months to Sept. 30 widened to ₹1,066 crore from ₹652 crore in the same period last year. The results …

Jet Airways quarterly results delayed amid 'complexities of issues'
5 years, 4 months ago

Jet Airways quarterly results delayed amid 'complexities of issues'

India TV News  

With the "complexities of issues" being faced by Jet Airways, financial results for the June quarter are yet to be finalised and the process is taking time, according to a communication. The affairs of Jet Airways, which closed down its operations on April 17, are now being managed by resolution professional Ashish Chhawchharia under the insolvency law. In the communication …

SpiceJet posts record profit of Rs 262 cr in June quarter, Jet Airways downfall provides boost
5 years, 5 months ago

SpiceJet posts record profit of Rs 262 cr in June quarter, Jet Airways downfall provides boost

Firstpost  

Shares in SpiceJet and InterGlobe Aviation-owned IndiGo have soared 55% and 31% respectively this year, as the companies raced to fill in prime airport slots vacated by Jet Airways. Bengaluru: Indian budget airline SpiceJet on Friday posted its biggest-ever quarterly profit of Rs 261.7 crore, as it flew more passengers and raised fares in the wake of the collapse of …

Buy Jet Airways and make it Mahindra Airways? What Anand Mahindra replied
5 years, 6 months ago

Buy Jet Airways and make it Mahindra Airways? What Anand Mahindra replied

Live Mint  

New Delhi: A Twitter user gave an interesting advice to Mahindra group chairman Anand Mahindra. The user under the name of Lalit Mathpal suggested the tycoon buy the debt-ridden Jet Airways and name it Mahindra Airways. He has 7.03 million followers on Twitter The downfall of Jet Airways illustrates the challenge of making money in India's aviation sector, dominated by …

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 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 shares plunge nearly 11% amid reports of Hinduja Group, Etihad Airways pulling out of recuse efforts
5 years, 7 months ago

Jet Airways shares plunge nearly 11% amid reports of Hinduja Group, Etihad Airways pulling out of recuse efforts

Firstpost  

Jet Airways’ scrip tumbled 10.58 percent to close at Rs 111.95 on the BSE. During the day, it plunged 14.41 percent to Rs 107.15 – its 52-week low New Delhi: Shares of Jet Airways Tuesday plummeted nearly 11 percent amid reports that Hinduja Group and Etihad Airways may not proceed with plans to resurrect the debt-ridden airline. According to a …

Air India could post over Rs 7,600 crore loss in 2018-19, highest so far
5 years, 7 months ago

Air India could post over Rs 7,600 crore loss in 2018-19, highest so far

India TV News  

In what could make Air India sale an uphill task for the government, the national carrier could report highest-ever loss of over Rs 7,600 crore in financial year 2018-19 on account of low fleet utilization and high fuel prices among others. In order to sweeten the deal for Air India this time, the government is likely to offer entire 100 …

First time in over 5 years, India's domestic air traffic growth falls in April on Jet Airways shutdown: IATA
5 years, 7 months ago

First time in over 5 years, India's domestic air traffic growth falls in April on Jet Airways shutdown: IATA

Firstpost  

New Delhi: India’s domestic air traffic registered first negative growth rate in more than five years in April, mainly due to the demise of Jet Airways, global airlines’ grouping IATA said on Wednesday. The International Air Transport Association, a grouping of around 290 airlines, said following a sustained period of strong double-digit RPK growth, the India domestic market recorded its …

Savings dried up, no jobs: Jet Airways employees narrate stories of hardship
5 years, 7 months ago

Savings dried up, no jobs: Jet Airways employees narrate stories of hardship

India Today  

While there are many lucky ones who have been able to find jobs in the rival airlines post the Jet Airways fiasco, there are still a lot many who are struggling to get a job. He also asked if it was "so hard for the government to say a few words" for the Jet Airways employees. The Jet Airways employees …

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 …

Now, employees and regular flyers come up with a plan to give Jet Airways wings
5 years, 8 months ago

Now, employees and regular flyers come up with a plan to give Jet Airways wings

Live Mint  

New Delhi: After a section of employees floated the proposal to take over management control of the grounded Jet Airways and arrange up to ₹3,000 crore from external investors, a group of frequent flyers of the cash-strapped airline has approached the key lenders, including State Bank of India, ICICI Bank and Punjab National Bank, to submit the 'Revival of Jet …

Jet Airways shares plunge 22.5%, hit 1-year low amid reports hint at lack of interest among bidders to follow up EoI
5 years, 8 months ago

Jet Airways shares plunge 22.5%, hit 1-year low amid reports hint at lack of interest among bidders to follow up EoI

Firstpost  

Jet Airways ceased operations on 17 April after months of financial difficulties and multiple attempts at saving the oldest private sector airliner failed. New Delhi: Shares of Jet Airways plunged 22.5 percent on Thursday amid a report that bidders for Jet Airways so far appear uninterested in following up on their expressions of interest. Investors deserted the Jet Airways counter …

Jet Airways CEO tells staff no word from promoters, banks on salaries
5 years, 8 months ago

Jet Airways CEO tells staff no word from promoters, banks on salaries

Live Mint  

In a clear indication of lack of support from the lenders on further funding, Jet Airways chief executive Vinay Dube has said it is painful that there is no commitment on the part of the all stakeholders on paying salaries to the employees which are due in a few days. The airline suspended operations after the SBI-led consortium of lenders …

Downfall of Jet Airways: Banks had seen writing on the wall with over a billion dollars to be paid back, but yet acted too late
5 years, 8 months ago

Downfall of Jet Airways: Banks had seen writing on the wall with over a billion dollars to be paid back, but yet acted too late

Firstpost  

Jet Airways had over a billion dollars to pay back to banks, and that should have been reason enough for the latter to consider taking more interest and a pro-active approach, but they did not. Editor’s note: This is part of a multi-article series on the downfall of Jet Airways and the path ahead for the cash-strapped airline. Had the …

Jet Airways shares halt three-day decline; zoom 13% on value buying at lower levels after plunging 40.94%
5 years, 8 months ago

Jet Airways shares halt three-day decline; zoom 13% on value buying at lower levels after plunging 40.94%

Firstpost  

Shares of Jet Airways, which has shut down operations temporarily, continued to fall for the third day in a row on Monday, tumbling over 23 percent. New Delhi: Shares of Jet Airways Limited halted its three-day decline and surged 13 percent Tuesday on value buying at lower levels. On the traded volume front, 43.47 lakh shares of the company were …

Arun Jaitley promised to look into Jet Airways’ issues: CEO
5 years, 8 months ago

Arun Jaitley promised to look into Jet Airways’ issues: CEO

India TV News  

Finance Minister Arun Jaitley has assured to look into cash-strapped Jet Airways’ issues that have forced the airline to halt operations temporarily, its chief executive Vinay Dube said Saturday. Dube, along with Maharashtra Finance Minister Sudhir Mungantiwar, civil aviation secretary Pradeep Singh Kharola, the airline’s chief financial officer Amit Agarwal, representatives of pilots, engineers, cabin crew and ground staff unions …

Jet executives meet Arun Jaitley, urge salary payment
5 years, 8 months ago

Jet executives meet Arun Jaitley, urge salary payment

Live Mint  

Senior executives of grounded Jet Airways met the Union finance minister Arun Jaitley on Friday and requested him to direct the banks to release at least one month's salary. Speaking to IANS, National Aviator's Guild Vice President Captain Asim Valiani said the Finance Minister assured them that he would look into all issues raised by the airline employees. The airline …

Arun Jaitley promised to look into cash-strapped Jet Airways' issues: Airline CEO
5 years, 8 months ago

Arun Jaitley promised to look into cash-strapped Jet Airways' issues: Airline CEO

India Today  

Finance Minister Arun Jaitley has assured to look into cash-strapped Jet Airways' issues that have forced the airline to halt operations temporarily, its chief executive Vinay Dube said on Saturday. Dube, along with Maharashtra Finance Minister Sudhir Mungantiwar, civil aviation secretary Pradeep Singh Kharola, the airline's chief financial officer Amit Agarwal, representatives of pilots, engineers, cabin crew and ground staff …

SpiceJet, Air India step in to clean up after Jet Airways
5 years, 8 months ago

SpiceJet, Air India step in to clean up after Jet Airways

Live Mint  

New Delhi/Mumbai: Budget airline SpiceJet Ltd and national carrier Air India Ltd have stepped in to stabilize India's aviation industry and ease the pain from wage losses caused by Jet Airways Ltd’s descent into insolvency and operational shutdown. Air India has, on its part, volunteered to temporarily use some of Jet Airways’ grounded planes on key international routes. Air India …

SpiceJet hires 500 Jet Airways employees, including 100 pilots
5 years, 8 months ago

SpiceJet hires 500 Jet Airways employees, including 100 pilots

Live Mint  

Mumbai: Budget airline SpiceJet Ltd on Friday said it has already absorbed over 500 Jet Airways employees, including 100 pilots, and is open to induct more as it adds new planes and flights to fill the gap left by the grounded airline in India's aviation space. SpiceJet is giving "first preference" to Jet Airways employees in recruitment, the airline's chairman …

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 …

Government to allocate 440 vacant Jet Airways slots to other airlines
5 years, 8 months ago

Government to allocate 440 vacant Jet Airways slots to other airlines

Live Mint  

With Jet Airways suspending operations, as many as 440 slots are vacant at Delhi and Mumbai airports which will be allocated to other airlines in a transparent manner, a senior official said Thursday. Civil Aviation Secretary Pradeep Singh Kharola also said Jet Airways is expected to provide information next week to the ministry about tickets booked by passengers and how …

For 25-year old Jet, the next flight may be long away
5 years, 8 months ago

For 25-year old Jet, the next flight may be long away

Live Mint  

Naresh Goyal-founded Jet Airways, India’s second largest airline till not too long back, suspended its all domestic and international operations Wednesday, after failing to secure emergency funding from lenders or any other source. Lenders pushed Goyal out of the airline in March, after Jet Airways, saddled with huge debt, defaulted on payments to banks and aircraft lessors. Shareholding pattern Jet …

Jet Airways crisis set to reset India’s aviation industry
5 years, 8 months ago

Jet Airways crisis set to reset India’s aviation industry

Live Mint  

Mumbai: Jet Airways Ltd’s decision to halt operations from Wednesday evening for want of funds is set to rattle the world’s fastest-growing aviation market with its adverse impact on other businesses in the value chain as well as thousands of jobs. “The loss of job of every employee on the rolls of Jet Airways also costs five others indirectly involved …

Jet Airways CEO says all jobs can't be secured during sale process; has 'no answer' for fate of over 20,000 employees
5 years, 8 months ago

Jet Airways CEO says all jobs can't be secured during sale process; has 'no answer' for fate of over 20,000 employees

Firstpost  

Mumbai: Hinting at job losses going forward, grounded carrier Jet Airways chief executive Vinay Dube on Wednesday said the airline does not have an “answer” at present on the fate of its 20,000-odd employees during the stake sale process. The SBI-led consortium of lenders has offered prospective bidders ownership of the airline anywhere between 31.2 percent and 75 for which …

Jet Airways flight takes off one last time. Heartbroken flyers share best memories
5 years, 8 months ago

Jet Airways flight takes off one last time. Heartbroken flyers share best memories

India Today  

We are all aware of the financial problems that Jet Airways was going through. The tweet that is captioned, "With deep sadness and a heavy heart we would like to share that, effective immediately, we will be suspending all our domestic and international flight operations," has evoked all kinds of emotions among the frequent fliers of the airline. More: https://t.co/SaQ2iwIBRJ …

Jet Airways: How one of India’s biggest airlines imploded
5 years, 8 months ago

Jet Airways: How one of India’s biggest airlines imploded

CNN  

New Delhi CNN Business — Almost 26 years to the day after its first flight, one of India’s biggest airlines has thrown in the towel. Jet Airways announced late Wednesday that it was indefinitely suspending all flights after it ran out of cash, marking a swift downfall for an airline that dominated India’s fast-growing aviation industry for years. When India …

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