Debt-Laden Jet Airways Lenders Plan To Sell Up To 75% Stake
Debt-Laden Jet Airways Lenders Plan To Sell Up To 75% Stake
Jet Airways Naresh Goyal
17 April, 2019, 19:11
Jet Airways on Thursday grounded its services to and from the East and Northeast regions and suspended its global operations till Monday.
Jet Airways aircrafts are seen parked at Chhatrapati Shivaji Maharaj International Airport in Mumbai, Monday, April 15, 2019.
Speaking to the BBC one pilot said, "We haven't been paid for the last four months".
The airline is operating just 6-7 planes, with nearly its entire fleet being grounded due to non-payment of rentals to lessors amid severe paucity of cash. The trade union, which has more than 1,100 pilots of the airline as its members, also asked Prime Minister Narendra Modi to help in saving 20,000 jobs at stake, the agency reported.
A senior member of the National Aviators' Guild (NAG) had said that the pilots would await the outcome of Monday's meeting.
Employees from jet Airways have contacted PM Modi, and in a desperate attempt, have requested him to save 20,000 jobs.
Hundreds of Jet Airways pilots gathered outside the airlines' headquarter at Siroya Centre in Mumbai today demanding their unpaid salaries. The Prime Minister's Office (PMO) had convened an urgent meeting on Friday to discuss the crisis after the airline could operate only 11 aircraft, leaving passengers stranded at various domestic and worldwide airports.
After taking part in the meeting at the PMO, Kharola held a meeting through video conference with the management of Jet Airways.
Union civil aviation minister Suresh Prabhuwhile characterising the problems faced by Jet Airwaysas financial, said banks and the lenders are working on it.
Speculation is rife that Jet's ex-Chairman Naresh Goyal and six other parties have expressed their interests in the stake sale process. The airline, which is close to being shut down if its lenders don't transfer funds, had also deferred paying March salaries to all its employees.
The SBI-led group of lenders had last month taken control of the airline and agreed to provide an immediate funding support of Rs. 1,500 crore.
A Business Standard newspaper report on Sunday said Jet's lenders, led by the SBI, are considering a proposal to infuse 10 billion rupees ($145 million) to keep the airline afloat once Jet submits a plan on how it intends to use the money.
"As a proactive measure, Jet Airways has restricted sales on certain routes for a few days, in order to re-accommodate guests, who have unfortunately been inconvenienced by interim cancellations", the airline said.
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