JOYA380B747
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Re: Jet Airways: reports cash running out

Mon Mar 18, 2019 5:33 pm

EmoticonsAllDay wrote:
With such unpredictable cancellations, why would anyone book on 9W? Can anyone please explain?


Simple, to encash all the miles for award flights. That's what I have been doing past few weeks. Three J class and one Y award flight, and I still have plenty miles to consume.

At the rate this airline is closing down, I might need to do few useless trips just to finish em.
India's biggest loss w.r.t global aviation (so far) - Being an Australasia-Europe stopover.
 
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Spiderguy252
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Re: Jet Airways: reports cash running out

Mon Mar 18, 2019 5:38 pm

JOYA380B747 wrote:
EmoticonsAllDay wrote:
With such unpredictable cancellations, why would anyone book on 9W? Can anyone please explain?


Simple, to encash all the miles for award flights. That's what I have been doing past few weeks. Three J class and one Y award flight, and I still have plenty miles to consume.

At the rate this airline is closing down, I might need to do few useless trips just to finish em.


Here's a better idea - convert them to Amazon vouchers. Way more liquid than unpredictable currency like miles.
Vahroone
 
WPvsMW
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Re: Jet Airways: reports cash running out

Mon Mar 18, 2019 6:38 pm

CaliguyNYC wrote:
WPvsMW wrote:
If 9W survives, it could change foreign direct investment laws.
If 9W dissolves, it could change foreign direct investment laws.
Therefore, NG is acting in the best interests of India.
/sarcasm


No he is not. He is acting in the best interest of himself.


Agreed. Thus, the /sarcasm tag.

Under India's 2016 Bankruptcy Code, creditors can force a debtor into bankruptcy.
https://en.wikipedia.org/wiki/Insolvenc ... Code,_2016
I predict:
1. No resolution, and continued cancellations/groundings, until B-day.
2. Creditors (PSBs and perhaps lessors) will push 9W into bankruptcy on B-day (bankruptcy day), 11 days from now.
3. The IBBI will appoint Vinay Dube as Trustee (or whatever IBBI calls the managing director during reorganization). https://en.wikipedia.org/wiki/Insolvenc ... d_of_India
4. Long term: Tata/SIA or Tata/DL (with NIIF as the vehicle) write the check. If Tata/SIA, then UK and 9W merge.
Last edited by WPvsMW on Mon Mar 18, 2019 6:50 pm, edited 1 time in total.
 
edealinfo
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Re: Jet Airways: reports cash running out

Mon Mar 18, 2019 11:26 pm

When do Jet’s unused flights from cancellations get reallocated among other airlines at their fortress Mumbai hub? Indigo must be scouting for short term leases to grab those spots, shortage of pilots notwithstanding. Great time to to grab and sit on reallocated slots.
 
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unrave
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 12:08 am

edealinfo wrote:
When do Jet’s unused flights from cancellations get reallocated among other airlines at their fortress Mumbai hub? Indigo must be scouting for short term leases to grab those spots, shortage of pilots notwithstanding. Great time to to grab and sit on reallocated slots.

Slots usually lapse after lying unused for more than 20% of the time over the winter or summer schedule
17April2019: RIP Jet Airways
 
juliuswong
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 12:35 am

From what I have skimped through here, it seems Naresh is trying to pull everyone's leg to get/ squeeze the best deal out of every single stakeholders. He must have forgotten he does not have the correct/enough chess to play with. What a sad case if 9W is to fail. India will lost two top notch quality airline after KF "Fly The Good Times".
- Life is a journey, travel it well -
 
blrsea
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 1:30 am

EY is also playing hardball, and they can afford to. They are willing to sell their stake too at Rs 150 while current stock price is ~230. Also, EY CEO came and talked to SBI chairman as per Business-Standard reports and meeting ended in deadlock. Hope this summary is not considered flame-bait.

Jet Airways crisis deepens as Etihad refuses to agree on contours of deal

Tony Douglas, the chief executive officer of Abu Dhabi-based Etihad Airways, flew down to Mumbai on Monday morning for an unusual meeting with State Bank of India (SBI) Chairman Rajnish Kumar and a few other top bankers to discuss the sticky issues in the rescue plan for Jet Airways.

At the end of the meeting, the crisis seemed to have deepened as Etihad, which holds 24 per cent in Jet, refused to agree on the contours of the deal. According to sources aware of the development, Douglas has informed a consortium of lenders, led by SBI, that Etihad would not participate in the rights issue or infuse fresh funds under the current terms and conditions of the resolution plan.

It is learnt that the lenders made it clear to Etihad that it must either endorse the bank-led resolution plan or convey to them that it’s not willing to put in more money.

The bankers also told the airline that they are willing to take “hard decisions’’, hinting that they could think of taking Jet to the National Company Law Tribunal (NCLT) if a resolution fails. Although Jet has run out of cash completely and has grounded half its fleet, the lenders have so far resisted any move to take the airline to the NCLT. Dragging Jet Airways to the NCLT could mean a haircut of 55-60 per cent for the lenders.
...
Another reason why lenders are trying hard to save Jet from bankruptcy is that the government wouldn’t like an airline going down so close to the Lok Sabha elections.
...


The only positive thing for 9W is that this is middle of election season, and govt will be hard-pressed to explain failure of one of the oldest private air carrier.

Etihad flexes muscle, says it will exit Jet if resolution plan not reworked

Etihad has flexed its muscle and told lenders of bankrupt Jet AirwaysNSE 0.68 % to rework the resolution plan for the bankrupt airline, failing which it will press to exit the joint venture. Sources tell ET Now that Etihad has communicated this to lenders, and added that it will not infuse emergency funds of Rs 750 crore till the resolution plan is acceptable to it. Etihad currently has a 24% stake in the airline. This may leave the lenders with no choice but to invoke insolvency and take Jet to the NCLT.

Experts say the Narendra Modi government can do little till the two equity partners take a decision. It's election year and the the incumbent government cannot afford the closure of an airline. It has already got India's sovereign fund NIIF to work with Jet's lenders to take a majority stake in the beleaguered airline.
...
Etihad's own losses are at a cumulative $3bn in 2017 and 2018 on account of investments in Europe going bad. This could very well be another reason fro Etihad seeking an exit.



From Times of India report...

Jet crisis deepens as Etihad refuses to play ball with Naresh Goyal

The crisis in Jet Airways deepened on Monday with Etihad Airways refusing to step into the shoes of the promoter of the troubled carrier.
In its meeting with lenders, the Gulf-based airline did not commit to hiking stake as it had several pre-conditions, outside the ambit of lenders, for taking the role of a
promoter.
...
Jet chairman Naresh Goyal had asked Etihad, which has 24% stake in the airline, to bring in Rs 750 crore demanded by lenders as promoter contribution. Etihad, however, expressed that it was willing to sell its 24% stake if it got a price of Rs 150, which is much lower than the current price of Rs 236. Lenders are willing to provide support but unwilling to hold more than 49% equity through debt conversion.

According to sources, the government has asked lenders to work out a resolution for Jet in the same manner as in a bankruptcy proceeding but outside the ambit of the National Company Law Tribunal. Last week, SBI chairman Rajnish Kumar had said that his bank was keen to ensure that the airline keeps on running. Currently, the airline is operating thanks to cash from advance bookings and credit from oil companies and the Airports Authority of India.
...
 
edealinfo
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 2:13 am

Why is Jet's stock price still over $200? It doesn't make sense.
 
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unrave
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 3:04 am

ET reports that EY has conveyed to SBI that it will not invest further in Jet
https://economictimes.indiatimes.com/in ... 474011.cms

Etihad Airways is believed to have formally conveyed to Jet Airways’ top lender State Bank of India that it won’t make any further investment in Jet. It will also not be a part of the fundraising deal drawn up by the consortium of lenders


If this is indeed true, then its curtains for Jet
17April2019: RIP Jet Airways
 
juliuswong
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 3:07 am

Fleet Update 19/3/2019:

Returning to lessor
B737-8FH 29639 1643 VT-JGF Jet Airways ferried 15/19mar19 BOM-TBS-SNN on return to lessor ex EI-DIM
B737-8Q8 35289 2811 VT-JBH Jet Airways ferried 07mar19 BOM-CGK on return to lessor (+ 30734/2477 VT-JTD regd OE-IDC 15mar19 with AerCap)
Source: https://www.skyliner-aviation.de/regdb. ... av4&page=3
- Life is a journey, travel it well -
 
sibibom
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 3:36 am

edealinfo wrote:
Why is Jet's stock price still over $200? It doesn't make sense.


Well ₹230s, stockmarkets are highly speculative and are working on the assumptions that a deal will be worked out eventually and there would be an open offer by a potential buyer to buy stocks off investor's hand. Etihad is offering ₹150/share, that set the base for a share. But as the deadline of 31st March approaches it may decisively move in one direction or the other. It was as high as ₹709 before the crisis began 10 months back
 
WPvsMW
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 3:56 am

unrave wrote:
ET reports that EY has conveyed to SBI that it will not invest further in Jet
https://economictimes.indiatimes.com/in ... 474011.cms

Etihad Airways is believed to have formally conveyed to Jet Airways’ top lender State Bank of India that it won’t make any further investment in Jet. It will also not be a part of the fundraising deal drawn up by the consortium of lenders


If this is indeed true, then it's [possibly] curtains for Jet [after the election].


Fixed that for you. ;)
 
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unrave
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 5:17 am

Jet Airways Maintenance Engineers Association says its aircraft are risky for public transport
Image
17April2019: RIP Jet Airways
 
sibibom
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 6:53 am

Naresh Goyal and son are in Doha for talks with Qatar Airways, let's see how far that goes.
 
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Spiderguy252
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 7:12 am

sibibom wrote:
Naresh Goyal and son are in Doha for talks with Qatar Airways, let's see how far that goes.


Weren't QR desperate to jump into 6E not long ago? Let's see how this plays out.
Vahroone
 
WPvsMW
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 7:36 am

Isn't UAE an "enemy state" of Qatar...
"Qatar Airways will not buy a stake in Jet Airways (JET.NS) as a substantial portion of the debt-laden Indian carrier is held by Etihad Airways, whose owner Abu Dhabi is an “enemy” of Qatar," its CEO Akbar al-Baker said on Tuesday.
https://www.reuters.com/article/us-jet- ... SKCN1P90ZP

NG & Son have some tough sledding if they are sweet talking AAB.
 
avier
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 8:00 am

^ I thought QR already had an Indian gf, who is quite sexy/6E .
 
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unrave
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 8:02 am

Govt will hold an emergency meeting later today to take stock of the situation at Jet Airways.
https://www.livemint.com/companies/news ... 79157.html

It is high time the MoCA stopped Jet from accepting advance bookings beyond 15 days
17April2019: RIP Jet Airways
 
sibibom
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 8:15 am

WPvsMW wrote:
Isn't UAE an "enemy state" of Qatar...
"Qatar Airways will not buy a stake in Jet Airways (JET.NS) as a substantial portion of the debt-laden Indian carrier is held by Etihad Airways, whose owner Abu Dhabi is an “enemy” of Qatar," its CEO Akbar al-Baker said on Tuesday.
https://www.reuters.com/article/us-jet- ... SKCN1P90ZP

NG & Son have some tough sledding if they are sweet talking AAB.


Etihad is ready to sell its stake, so that may not apply. However due to blockade, Jet too maybe banned from Saudi Arabia, the UAE and Bahrain.
 
sibibom
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 8:16 am

avier wrote:
^ I thought QR already had an Indian gf, who is quite sexy/6E .


QR is more like a creepy stalker who wants Indigo but they aren't interested in any investments from them.
 
WPvsMW
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 8:48 am

To be pitch replacing EY with QR (a "snowball's chance in ... the desert") reflects desperation. IMO, if EY is out, given SBI's ultimatum, NG will be shown the door, but not before he throws sand in EY's face by trying to shop 9W to QR.

What a curious twist.... can't wait for the major motion picture.
 
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unrave
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 9:34 am

Things are unfolding at a very fast pace now:
1. Etihad has ruled out further investments in Jet and wants SBI to buy its stake at Rs 150 per share
2. Goyal and son are rumoured to be in Qatar negotiating a bailout
3. Reuters reports that the Govt has asked banks to bail the airline out to avoid the spectacle of a failed airline and job losses on the eve on the election (a reckless move, but populism trumps economics in election season)
17April2019: RIP Jet Airways
 
avier
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 9:35 am

sibibom wrote:
WPvsMW wrote:
Isn't UAE an "enemy state" of Qatar...
"Qatar Airways will not buy a stake in Jet Airways (JET.NS) as a substantial portion of the debt-laden Indian carrier is held by Etihad Airways, whose owner Abu Dhabi is an “enemy” of Qatar," its CEO Akbar al-Baker said on Tuesday.
https://www.reuters.com/article/us-jet- ... SKCN1P90ZP

NG & Son have some tough sledding if they are sweet talking AAB.


Etihad is ready to sell its stake, so that may not apply. However due to blockade, Jet too maybe banned from Saudi Arabia, the UAE and Bahrain.


Incorrect. QR investment airlines are not affected by the blockade imposed on Qatar by their neighbouring Muslim countries.
If that was the case, the blockade should have affected the IAG group- which owns BA,IB, etc, and China Southern , which QR has investments in. Which doesn't seem so, and so will not happen.
 
juliuswong
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 9:53 am

What have 9W done wrong to fall to its current precarious situation? They were once touted to be "one of the finest airlines in the world. "
- Life is a journey, travel it well -
 
avier
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 9:55 am

juliuswong wrote:
What have 9W done wrong to fall to its current precarious situation? They were once touted to be "one of the finest airlines in the world. "


If you read this whole thread, from page 1 to now, you'd know.
 
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unrave
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 9:57 am

juliuswong wrote:
What have 9W done wrong to fall to its current precarious situation? They were once touted to be "one of the finest airlines in the world. "

They were.. in 2005
17April2019: RIP Jet Airways
 
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Spiderguy252
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 10:46 am

juliuswong wrote:
What have 9W done wrong to fall to its current precarious situation? They were once touted to be "one of the finest airlines in the world. "


They ingested too many widebodies at the wrong time, then hit a global recession like a brick wall.

They've never been the same since. Last overall profit = 2007.

Then came IndiGo.
Vahroone
 
sibibom
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 11:22 am

avier wrote:
sibibom wrote:
WPvsMW wrote:
Isn't UAE an "enemy state" of Qatar...
"Qatar Airways will not buy a stake in Jet Airways (JET.NS) as a substantial portion of the debt-laden Indian carrier is held by Etihad Airways, whose owner Abu Dhabi is an “enemy” of Qatar," its CEO Akbar al-Baker said on Tuesday.
https://www.reuters.com/article/us-jet- ... SKCN1P90ZP

NG & Son have some tough sledding if they are sweet talking AAB.


Etihad is ready to sell its stake, so that may not apply. However due to blockade, Jet too maybe banned from Saudi Arabia, the UAE and Bahrain.


Incorrect. QR investment airlines are not affected by the blockade imposed on Qatar by their neighbouring Muslim countries.
If that was the case, the blockade should have affected the IAG group- which owns BA,IB, etc, and China Southern , which QR has investments in. Which doesn't seem so, and so will not happen.


However a controlling stake might be an interesting case. Yes, airlines with 10-20% investments aren't affected.
 
blrsea
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 11:22 am

Jet is operating with 41 aircraft now as per DGCA

Jet Airways operating a schedule with 41 aircraft: DGCA

The Directorate General of Civil Aviation (DGCA) today said that Jet AirwaysNSE -3.17 % will be operating a scheduled for 603 domestic flights and 382 international flights with a fleet of 41 aircraft, which is likely to continue for the Summer Schedule that starts during March-end. The airline till a couple of months ago operated a fleet of 125 aircraf.t

DGCA, which reviewed the performance of Jet Airways on Operational, Airworthiness & Passenger facilitation today, said that the the list has been drawn. “However, it is a dynamic situation and there may be further attrition in coming weeks,” said a statement from the aviation regulator.

It added that the aviation regulator is continuously monitoring overall situation and based on the same, will take appropriate steps by the end of the month, if needed. ...
 
VTCIE
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 11:36 am

juliuswong wrote:
What have 9W done wrong to fall to its current precarious situation? They were once touted to be "one of the finest airlines in the world. "


The same for Etihad before its spiralling down, though not as horrifically as 9W’s descent. In my opinion, THE finest airline in the world is the one that is apparently supposed to be suffering because it isn’t allowed to fly to neighbouring countries, but nevertheless presses forth with new flights to LIS and its astoundingly good J and (soon) Y product.

As a side question, being a member who has actively avoided this thread until now (it is practically impossible not to have a strong opinion in favour of one party or another from the moment you step inside this thread), which airline is the biggest basket case of all of these (I am purposefully not including AI)?

* Malaysia Airlines.
* 9W.
* EY.
* SA.
In grieving remembrance of the thousands of people who lost their lives on ET-AVJ, PK-LQP, XA-UHZ, S2-AGU, CP-2933, SU-GCC, EI-ETJ, D-AIPX, PK-AXC, 9M-MRD, VT-AXV and above all 9M-MRO, besides many more. Your deaths are not in vain. Safety first, always.
 
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unrave
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 11:40 am

Only one of those airlines has grouned 2/3rd of its fleet
17April2019: RIP Jet Airways
 
avier
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 11:48 am

unrave wrote:
Only one of those airlines has grouned 2/3rd of its fleet

Because the rest are all govt. owned.
 
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unrave
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 12:06 pm

avier wrote:
unrave wrote:
Only one of those airlines has grouned 2/3rd of its fleet

Because the rest are all govt. owned.

Then it is an unfair comparison in the first place. State run airlines can remain basket cases for much longer without completely folding.
17April2019: RIP Jet Airways
 
avier
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 12:08 pm

Jet Airways' lessors offer 50 grounded Boeing aircraft to SpiceJet

https://www.moneycontrol.com/news/business/jet-airways-lessors-offer-50-grounded-boeing-aircraft-to-spicejet-sources-3665921.html

Will be highly stupid of SG to not accept such an offer along with absorbing some 9W pilots for the same. If 6E were a 737 operator, they would have gladly taken as much as they could. However, knowing SG and their stupidity, I don't expect much happening here.
 
avier
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 12:11 pm

unrave wrote:
avier wrote:
unrave wrote:
Only one of those airlines has grouned 2/3rd of its fleet

Because the rest are all govt. owned.

Then it is an unfair comparison in the first place. State run airlines can remain basket cases for much longer without completely folding.


It is an unfair comparison indeed, however, to note they all still have shrunk their fleet a lot or will (EY).
 
binayak
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 12:32 pm

juliuswong wrote:
What have 9W done wrong to fall to its current precarious situation? They were once touted to be "one of the finest airlines in the world. "


2005-06 : Biggest airline in India with market share 46% began to fly int'l in hopes of global expansion.
Ordered 20 WBs (10 77W and 10 a332) in a haste. Thus starting the bundle of wrong decisions

2006-07 : Bought Air Sahara and re-branded it as jetLite which was a low cost subsidiary of jet airways . This FS and LCC duo didn't work well for long because jetLite was never truly low cost. It offered low fares which started eating into the profits of jet airways. Thus this was the single biggest wrong decision by their management.

2007-08 : Introduced their new world class product in the 77Ws . Won multiple awards for the same like the "Most innovative First Class in the world " award. Their debt was skyrocketing but was blissfully ignored.

2008-12: The debt reached 18000 CR inr. The airline was unable to attract any revenue pax for their First Class in their newly introduced flights to EWR and SFO. Then the recession which completely smashed their int'l ops. The SFO route barely lasted 7 months. In 2009 , they decided to lease few of their 77Ws as they were unable to make money out of them. The first 77W which was leased to gulf air was only one year old that time. By 2012 , the only 77W route of the airline was LHR.

2013-15 : Faced severe financial crisis. Had to ground 10 WBs. Then came EY.

2015-17 : Management and Goyal finally understood that how wrong were the multiple decisions taken by them a decade ago. They became profitable once again in 2016 due to low fuel prices. However that was too little too late. That was quite a low margin profit and thus increase in fuel prices once again bought them to this mess.
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unrave
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 12:57 pm

Jet pilots union threatens to stop flying from April if dues are not cleared
https://www.cnbctv18.com/aviation/pay-o ... 654291.htm
17April2019: RIP Jet Airways
 
 
blrsea
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 1:59 pm

avier wrote:


Good move! With no resolution in sight, the lenders are left with no option. Ironic if Goyal drove away EY to remove cap of 22% and had to lose entire 51%!
 
vadodara
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 2:15 pm

juliuswong wrote:
What have 9W done wrong to fall to its current precarious situation? They were once touted to be "one of the finest airlines in the world. "



They would hardly be the only airline that has met a similar fate.

A) tried to run a hub-and-spoke model with poor infrastructure, aka BOM
B) Indian market itself was growing with a different vector
C) then came IndiGo

Needless to say, the Jet management was unwilling or unable to react to reality
 
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lightsaber
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 2:16 pm

blrsea wrote:
Jet is operating with 41 aircraft now as per DGCA

Jet Airways operating a schedule with 41 aircraft: DGCA

The Directorate General of Civil Aviation (DGCA) today said that Jet AirwaysNSE -3.17 % will be operating a scheduled for 603 domestic flights and 382 international flights with a fleet of 41 aircraft, which is likely to continue for the Summer Schedule that starts during March-end. The airline till a couple of months ago operated a fleet of 125 aircraf.t

DGCA, which reviewed the performance of Jet Airways on Operational, Airworthiness & Passenger facilitation today, said that the the list has been drawn. “However, it is a dynamic situation and there may be further attrition in coming weeks,” said a statement from the aviation regulator.

It added that the aviation regulator is continuously monitoring overall situation and based on the same, will take appropriate steps by the end of the month, if needed. ...

Wow.. now the GoI is trying to push the banks to keep Jet afloat.

This is all on Goyal. He has the resources to invest and he is the one who managed Jet into this situation. His stubbornness drove away the only interested investor, EY.

Jet is now officially a Zombie corporation. 41 aircraft from 119. It isn't worth fretting about anymore.

It is time to redistribute the slots and return the aircraft.


Lightsaber
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unrave
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 2:23 pm

Update after DGCA meeting
Jet will operate 603 domestic & 382 international flights weekly as the revised schedule with 41 aircraft is drawn with the DGCA. Jet operations down by 77% as the airline did 4,200 weekly flights earlier, fleet size downsized 65%.
Last edited by unrave on Tue Mar 19, 2019 2:40 pm, edited 1 time in total.
17April2019: RIP Jet Airways
 
blrsea
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 2:26 pm

unrave wrote:
Jet pilots union threatens to stop flying from April if dues are not cleared
https://www.cnbctv18.com/aviation/pay-o ... 654291.htm


Sad to hear about employees' sufferings. Weren't some people saying that these people were well of and can manage without salaries for few months? Also saying that they live with parents so can afford to go without salary! Not to mention some 9W shills who even questioned delay in salaries and falsely claiming basic salary was paid without any proof, while Jet itself had admitted to not paying any salaries!

In the letter, which was also marked to the Directorate General of Civil Aviation, the union warned the government and the regulator that the pilots of the airline are getting increasingly frustrated as salaries have not been paid on time and in full since September and at present, 87.5 percent of December and full salaries of January and February amount to outstanding dues.

"This situation is leading to extreme tension and frustration amongst our members, hardly an ideal situation for pilots in the cockpit. Monthly EMIs have to be met, school and college fees paid, along with medical bills of ageing parents," the union had said in the letter.


While the airline's management had earlier indicated that pending salaries will be paid by March and the salary schedule would get normalised from April, the situation has taken a turn for the worse.

"All pleas to the management in this regard have fallen on deaf ears," the pilot union wrote to the government, demanding that the pilots now want the airline to pay the pending salaries along with interest.

"That M/s. Jet Airways pay to the member Pilots the arrears of salary (inclusive of all allowances) due to date and pay interest thereon at commercial rate from the date due till realisation and hereinafter pay the full salary (inclusive of all allowances) on the 1st day of every month) and for any salaries paid after the said due date, pay interest thereon at commercial rate from the date due till realisation," the letter said.
 
behramjee
Posts: 4986
Joined: Sat Aug 02, 2003 4:56 am

Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 2:26 pm

lightsaber wrote:
blrsea wrote:
Jet is operating with 41 aircraft now as per DGCA

Jet Airways operating a schedule with 41 aircraft: DGCA

The Directorate General of Civil Aviation (DGCA) today said that Jet AirwaysNSE -3.17 % will be operating a scheduled for 603 domestic flights and 382 international flights with a fleet of 41 aircraft, which is likely to continue for the Summer Schedule that starts during March-end. The airline till a couple of months ago operated a fleet of 125 aircraf.t

DGCA, which reviewed the performance of Jet Airways on Operational, Airworthiness & Passenger facilitation today, said that the the list has been drawn. “However, it is a dynamic situation and there may be further attrition in coming weeks,” said a statement from the aviation regulator.

It added that the aviation regulator is continuously monitoring overall situation and based on the same, will take appropriate steps by the end of the month, if needed. ...

Wow.. now the GoI is trying to push the banks to keep Jet afloat.

This is all on Goyal. He has the resources to invest and he is the one who managed Jet into this situation. His stubbornness drove away the only interested investor, EY.

Jet is now officially a Zombie corporation. 41 aircraft from 119. It isn't worth fretting about anymore.

It is time to redistribute the slots and return the aircraft.


Lightsaber


Question ... in light of the current financial crisis at 9W how are they managing to still operate 5 daily LHR, two daily CDG / AMS and daily YYZ flights?

Shouldn’t cash drainers like MAA-CDG and YYZ be suspended to save on costs?
 
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unrave
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Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 2:34 pm

behramjee wrote:

Question ... in light of the current financial crisis at 9W how are they managing to still operate 5 daily LHR, two daily CDG / AMS and daily YYZ flights?

Shouldn’t cash drainers like MAA-CDG and YYZ be suspended to save on costs?

Their planes are grounded due to non payment of leases. These routes are operated on the WB aircraft which Jet Airways owns so no lease dues there.
17April2019: RIP Jet Airways
 
DALCE
Posts: 1921
Joined: Thu Feb 01, 2007 7:45 pm

Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 2:34 pm

They have 4 dailies at AMS ; BLR, DEL, BOM & YYZ. BLR on the 330, the others mostly 77W.
flown: F50,F70,CR1,CR2,CR9,CS3,E75,E90,143,AR8,AR1,733,735,736,73G,738,
753,763,744,77W,788,319,320,321,333,AB6.
 
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unrave
Posts: 2682
Joined: Tue Jan 06, 2015 6:37 am

Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 2:54 pm

Jet Airways has closed reservation for Mumbai – Manchester service for flights from 23MAR19
17April2019: RIP Jet Airways
 
AI
Posts: 292
Joined: Sat Dec 24, 2005 7:13 pm

Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 2:58 pm

And they have BOM-MAN. How are the yields on this flight. They do have a monopoly for being the only non-stop on MAN-BOM.
 
vadodara
Topic Author
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Joined: Mon Feb 20, 2017 7:45 pm

Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 3:07 pm

AI wrote:
And they have BOM-MAN. How are the yields on this flight. They do have a monopoly for being the only non-stop on MAN-BOM.


So a lot of the traffic would be 1-stop to cities other than BOM. Hardly a monopoly. In addition with all 737’s disappearing, would be hard to run ‘spokes’.

Very doubtful if there is enough P2P to MAN to fill a wide-body. When UA (CO) started flying to secondary European cities from EWR, it choose 757.
 
User001
Posts: 969
Joined: Sun Jun 19, 2016 2:18 pm

Re: Jet Airways: reports cash running out

Tue Mar 19, 2019 3:24 pm

vadodara wrote:
AI wrote:
And they have BOM-MAN. How are the yields on this flight. They do have a monopoly for being the only non-stop on MAN-BOM.


So a lot of the traffic would be 1-stop to cities other than BOM. Hardly a monopoly. In addition with all 737’s disappearing, would be hard to run ‘spokes’.

Very doubtful if there is enough P2P to MAN to fill a wide-body. When UA (CO) started flying to secondary European cities from EWR, it choose 757.


The average load for MAN last month was 241 pax. Clearly the demand is there, but, when Jet having issues of course it was going to be cut first.

Look at it this way, Jet had 4 Euro Routes. London, Paris, Amsterdam and Manchester. Which would get cut first? Clue, it’s not going to be London, is it?!

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