lutfi
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 2:52 am

Amusingly, Interglobe may lose out a bit. Rumour is that Jet asked for large (10m USD+) upfront payments in return for GDS distribution contractrenewals, which Sabre & Travelport agreed but Amadeus refused - which is why they stopped using Amadeus
 
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lightsaber
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 4:01 am

edealinfo wrote:
Jet delays bank payment on its owned B777 aircraft

Payment was due end March.
Is within the "cure period".
After the cure period ends, Citibank could claim default in which case the US Exim Bank is on the hook, which in turn could apply to de-register the aircraft.

Read more at:
//economictimes.indiatimes.com/articleshow/68770177.cms?

First, link that works:. https://m.economictimes.com/articleshow/68770177.cms

$18 million payment missed.
This just gets better and better.

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unrave
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 4:06 am

SBI has issued a call for EoI - to be submitted by the evening of 10APR. Qualified bidders can proceed to the next stage.

Meanwhile it has transpired that Jet is being kept alive by small dollops of loan funding by the lenders to pay for daily expenses.
17April2019: RIP Jet Airways
 
avier
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 5:05 am

"Strategic bidders need to have 3-year airline experience, Rs 1,000 cr net worth (From Agencies)" .
^If that's even reliable source of information.
 
lutfi
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 5:36 am

Tata are actually now better off putting cash into Vistara to quickly take advantage. A few hundred million USD there rather than a black hole?
 
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unrave
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 6:01 am

lutfi wrote:
Tata are actually now better off putting cash into Vistara to quickly take advantage. A few hundred million USD there rather than a black hole?

Tatas are certainly not going to bid without the approval of the board. The Tata board will not take decisions in haste.
17April2019: RIP Jet Airways
 
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Phosphorus
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 7:21 am

lightsaber wrote:
edealinfo wrote:
Jet delays bank payment on its owned B777 aircraft

Payment was due end March.
Is within the "cure period".
After the cure period ends, Citibank could claim default in which case the US Exim Bank is on the hook, which in turn could apply to de-register the aircraft.

Read more at:
//economictimes.indiatimes.com/articleshow/68770177.cms?

First, link that works:. https://m.economictimes.com/articleshow/68770177.cms

$18 million payment missed.
This just gets better and better.

Lightsaber


Consider a scenario, when a lessor pulls a Jet narrowbody from service, deregisters it in India, and tries to fly it out. As per Indian practice, the frame will not be released until the lessor pays some other debts, incurred by Jet Airways to local creditors.

If the lessor than turns around, collates unpaid lease debt with this "exit fees package", and tries to staple it to an owned Jet frame, that ventures outside of India? For example, an Irish lessor could obtain a judgement from Irish court, and then enforce it anywhere in the EU. I wonder what would consequences of such a lien be?
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dtw2hyd
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 12:17 pm

Phosphorus wrote:
Consider a scenario, when a lessor pulls a Jet narrowbody from service, deregisters it in India, and tries to fly it out. As per Indian practice, the frame will not be released until the lessor pays some other debts, incurred by Jet Airways to local creditors.


Lessor just goes to court, shows previous court rulings from 2012-13, the court will slap on DGCA's wrist to deregister. It may take a couple of weeks. Obviously, DGCA knows this, but because some politician told them not to deregister, they have to wait for the court ruling.
 
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 12:35 pm

lutfi wrote:
Tata are actually now better off putting cash into Vistara to quickly take advantage. A few hundred million USD there rather than a black hole?

Yes, if logic prevails but that has not always happened especially with Rata Tata, who bought Jaguar Land Rover for his passion for automobiles and British Steel to make a statement of Tatas global steel ambitions. He was not afraid to overpay to get what he wanted.
Lets hope the Tata board, and Singapore Airlines ties the hands of Ratan and the current CEO of the group
 
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Phosphorus
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 12:41 pm

dtw2hyd wrote:
Phosphorus wrote:
Consider a scenario, when a lessor pulls a Jet narrowbody from service, deregisters it in India, and tries to fly it out. As per Indian practice, the frame will not be released until the lessor pays some other debts, incurred by Jet Airways to local creditors.


Lessor just goes to court, shows previous court rulings from 2012-13, the court will slap on DGCA's wrist to deregister. It may take a couple of weeks. Obviously, DGCA knows this, but because some politician told them not to deregister, they have to wait for the court ruling.


Well, even that happens to come about, lessors apparently are owed back lease payments.

I wonder, if the lessors can sue for these debts in their home jurisdictions, and launch a hunt for liquid Jet assets (owned widebody airplanes, I gather, are pretty much what's available) worldwide, and if yes -- whether their claim stands against other claims for the same airframes?
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dtw2hyd
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 12:58 pm

Phosphorus wrote:
dtw2hyd wrote:
Phosphorus wrote:
Consider a scenario, when a lessor pulls a Jet narrowbody from service, deregisters it in India, and tries to fly it out. As per Indian practice, the frame will not be released until the lessor pays some other debts, incurred by Jet Airways to local creditors.


Lessor just goes to court, shows previous court rulings from 2012-13, the court will slap on DGCA's wrist to deregister. It may take a couple of weeks. Obviously, DGCA knows this, but because some politician told them not to deregister, they have to wait for the court ruling.


Well, even that happens to come about, lessors apparently are owed back lease payments.

I wonder, if the lessors can sue for these debts in their home jurisdictions, and launch a hunt for liquid Jet assets (owned widebody airplanes, I gather, are pretty much what's available) worldwide, and if yes -- whether their claim stands against other claims for the same airframes?


There is no international treaty for that. CTA only allows lessors to recover their mobile assets. CTA itself goes too far in many ways. No appetite to give more powers to lessors.
 
avier
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 1:31 pm

avier wrote:
avier wrote:
6E will add one rotation each from BOM -
Bengaluru/Hyderabad/Kochi/Indore/Bhopal/Nagpur/Vadodara. More expected.

And BOM- Chennai/Patna.


And some more ; Mumbai -Jeddah/Dammam/Abu Dhabi.
 
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lightsaber
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 2:09 pm

dtw2hyd wrote:
Phosphorus wrote:
dtw2hyd wrote:

Lessor just goes to court, shows previous court rulings from 2012-13, the court will slap on DGCA's wrist to deregister. It may take a couple of weeks. Obviously, DGCA knows this, but because some politician told them not to deregister, they have to wait for the court ruling.


Well, even that happens to come about, lessors apparently are owed back lease payments.

I wonder, if the lessors can sue for these debts in their home jurisdictions, and launch a hunt for liquid Jet assets (owned widebody airplanes, I gather, are pretty much what's available) worldwide, and if yes -- whether their claim stands against other claims for the same airframes?


There is no international treaty for that. CTA only allows lessors to recover their mobile assets. CTA itself goes too far in many ways. No appetite to give more powers to lessors.

CTA was done to solve this problem.

If Indian airlines do not like CTA, do not finance via foreign companies.

Leasing companies are sophisticated entities. They will modify the rule. Gives too much? In a proper rule of law, non payment results in rapid repossession.

Jet was managed into bankruptcy. Bummer for employees.

Careful penalizing lenders, they have a habit of taking their business elsewhere.

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Exeiowa
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 5:00 pm

The leasing of aircraft has really taken off in recent years. When companies get in trouble the less they actually own the more in trouble companies get. Because you do not have say in what happens to your key assets. It great for quick expansion its terrible when forces are acting upon you.

I long suspected those wide bodies, although owned, were not unencumbered. If they didn't have purchase loans they sure were going to have been used as collateral by now to keep things going. What is Intresting is clearly dues on these frames were prioritized over their leased frames. Either because they stand to lose more on their repossession, they were deemed more essential to continued operations, or were in more danger of quick possession because they are used abroad. If that is the case then they must be getting to thier limit of resources to prioritize different parties.
 
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 7:28 pm

Exeiowa wrote:
The leasing of aircraft has really taken off in recent years. When companies get in trouble the less they actually own the more in trouble companies get. Because you do not have say in what happens to your key assets. It great for quick expansion its terrible when forces are acting upon you.

I long suspected those wide bodies, although owned, were not unencumbered. If they didn't have purchase loans they sure were going to have been used as collateral by now to keep things going. What is Intresting is clearly dues on these frames were prioritized over their leased frames. Either because they stand to lose more on their repossession, they were deemed more essential to continued operations, or were in more danger of quick possession because they are used abroad. If that is the case then they must be getting to thier limit of resources to prioritize different parties.

First on leasing, airlines such as Indigo benefited leasing CEOs and then are saving money with NEOs early. So leasing has a place. DL leased 717s to minimize the cash flow impact.

All aircraft really only have a 12 year economic life in high utilization duty. (10+ hours per day). There are plenty of airlines that buy low utilization used aircraft. When done right, the deal benefits both sides financially. Airlines like DL with high and low utilization subfleets keep them forever.

India has steep taxes on spare parts. So at the end of a 12 year lease, it makes sense to have the leasing company overhaul the aircraft for the next user. Due to the 30% fuel tax at most large Indian airports, Indian airlines do best turning over the fleet early. E.g., sharklet equipped aircraft, latest engine builds, and lightest structure (a 12 year old aircraft has gained 500 kg or so of repairs and structural PIPs increase life and reduce weight).

So it wasn't leasing, it is the lease structure due to a poor credit rating.

It is better to buy. E.g., the NEOs with the low turbine PIP are a good investment. (Newest PW1100G).

The widebodies being collateral is no surprise.

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edealinfo
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 11:18 pm

 
edealinfo
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 11:25 pm

Who said beggars cannot foolishly assume to be choosers?

"Prospective bidders of struggling Jet Airways Ltd need to settle the airline’s existing debt as part of any deal to buy a stake in the carrier, its consortium of lenders led by State Bank of India (SBI) said in a statement on Monday."

https://www.thehindubusinessline.com/ec ... 773542.ece
 
edealinfo
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Re: Jet Airways: reports cash running out

Mon Apr 08, 2019 11:31 pm

More 737s to be de-registered and make challenge the 3/20 rule to fly abroad.

“An application has been given to DGCA to de-register 11 aircraft. All of these are Boeing 737 used on domestic routes. Two belong to the leasing company Avolon, five are from MCAP and four belong to SMBC. Also, of the nine Boeing 737 operational aircraft, four more will be grounded,” said the source.

"According to a source close to the development, the airline has unpaid dues of ₹400-500 crore towards these lessors for the past three-six months, for which a case may be registered against it."

https://www.thehindubusinessline.com/ec ... 773542.ece
 
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lightsaber
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 12:02 am

edealinfo wrote:
"Prospective bidders of struggling Jet Airways Ltd need to settle the airline’s existing debt as part of any deal to buy a stake in the carrier, its consortium of lenders led by State Bank of India (SBI) said in a statement on Monday."

https://www.thehindubusinessline.com/ec ... 773542.ece

I read that and face palmed. :banghead:

It is far too expensive to settle the existing debt. That is a non-starter. Either 60% if the debt is forgiven or...

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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 12:07 am

edealinfo wrote:
. Also, of the nine Boeing 737 operational aircraft, four more will be grounded,” said the source.

What?!? 44% of domestic aircraft are grounded and it is 'also'. :boggled:

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lutfi
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 12:13 am

edealinfo wrote:
Who said beggars cannot foolishly assume to be choosers?

"Prospective bidders of struggling Jet Airways Ltd need to settle the airline’s existing debt as part of any deal to buy a stake in the carrier, its consortium of lenders led by State Bank of India (SBI) said in a statement on Monday."

https://www.thehindubusinessline.com/ec ... 773542.ece


Well, if they can settle by offering 5 paise on the rupee, maybe
 
moa999
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 12:16 am

One can only imagine future leases to Indian Airlines are going to get more expensive (again)
 
Exeiowa
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 1:32 am

I might have been a litle poor in my communication there is a place for leasing. Especially when you put up those specifics of Indian aviation. My point was rather that when things are bad it would accelerate your problems.

Although those sale and lease back arrangements that seem particularly popular with airlines with cash flow issues seem to be the aviation equivalent of the sub prime mortgage from a few years ago.
 
Philippine747
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 10:15 am

Unsure if mentioned here, but Jet is cutting a lot of amenities to survive, even IFE on their long haul services.

https://livefromalounge.boardingarea.co ... rtainment/
A319 A320 A321 A332 A333 A343 AT75 AT76 B732 B733 B738 B744 B752(M) B763 B772 B77W DHC7 DH8C DH8D D328 MA60

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DLPMMM
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 12:11 pm

edealinfo wrote:
Who said beggars cannot foolishly assume to be choosers?

"Prospective bidders of struggling Jet Airways Ltd need to settle the airline’s existing debt as part of any deal to buy a stake in the carrier, its consortium of lenders led by State Bank of India (SBI) said in a statement on Monday."

https://www.thehindubusinessline.com/ec ... 773542.ece


That proves that Jet is dead and the banks just want to wash their hands of the whole thing.

SBI knows that no one will bid under those terms, especially in a 2 day timeframe.

The short bidding process is for show only, so they can say “we tried”

Time for the scavengers to feed off the carrion.
 
edealinfo
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 12:46 pm

DLPMMM wrote:
edealinfo wrote:
Who said beggars cannot foolishly assume to be choosers?

"Prospective bidders of struggling Jet Airways Ltd need to settle the airline’s existing debt as part of any deal to buy a stake in the carrier, its consortium of lenders led by State Bank of India (SBI) said in a statement on Monday."

https://www.thehindubusinessline.com/ec ... 773542.ece


That proves that Jet is dead and the banks just want to wash their hands of the whole thing.

SBI knows that no one will bid under those terms, especially in a 2 day timeframe.

The short bidding process is for show only, so they can say “we tried”

Time for the scavengers to feed off the carrion.


Don’t be so sure. This is India.
 
DLPMMM
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 1:34 pm

edealinfo wrote:
DLPMMM wrote:
edealinfo wrote:
Who said beggars cannot foolishly assume to be choosers?

"Prospective bidders of struggling Jet Airways Ltd need to settle the airline’s existing debt as part of any deal to buy a stake in the carrier, its consortium of lenders led by State Bank of India (SBI) said in a statement on Monday."

https://www.thehindubusinessline.com/ec ... 773542.ece


That proves that Jet is dead and the banks just want to wash their hands of the whole thing.

SBI knows that no one will bid under those terms, especially in a 2 day timeframe.

The short bidding process is for show only, so they can say “we tried”

Time for the scavengers to feed off the carrion.


Don’t be so sure. This is India.


And I have done business in India for over 30 years, including with the Indian Government. This is clearly just a formality. SBI won't put in any more money as they know it is a lost cause now.

(My best Ponty Python voice):

The Parrot is DEAD!! It is not a Norweigen Blue pining for the forrest. It is Deceased! It has passed! It has met it's maker!! It has gone to the big cage in the sky! It is a bygone bird!
 
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Phosphorus
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 3:34 pm

dtw2hyd wrote:
Phosphorus wrote:
dtw2hyd wrote:

Lessor just goes to court, shows previous court rulings from 2012-13, the court will slap on DGCA's wrist to deregister. It may take a couple of weeks. Obviously, DGCA knows this, but because some politician told them not to deregister, they have to wait for the court ruling.


Well, even that happens to come about, lessors apparently are owed back lease payments.

I wonder, if the lessors can sue for these debts in their home jurisdictions, and launch a hunt for liquid Jet assets (owned widebody airplanes, I gather, are pretty much what's available) worldwide, and if yes -- whether their claim stands against other claims for the same airframes?


There is no international treaty for that. CTA only allows lessors to recover their mobile assets. CTA itself goes too far in many ways. No appetite to give more powers to lessors.


There's no need for a treaty if an Irish company obtains a judgement in Ireland, and puts a lien on an asset in Ireland, or anywhere else in the EU for that matter. We are talking about its home jurisdiction (EU is a home jurisdiction for an EU-based company, I gather.).
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 5:26 pm

So far leasing companies want 18 aircraft re-registered.

https://mobile.reuters.com/article/amp/idUSKCN1RL1UC

Jet missed too many payments. If Goyal really lost his temper then that will spook partners.

I'm curious as to the bidding terms

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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 5:32 pm

Philippine747 wrote:
Unsure if mentioned here, but Jet is cutting a lot of amenities to survive, even IFE on their long haul services.

https://livefromalounge.boardingarea.co ... rtainment/

I personally think the loss of lounge access is doing more yield damage.

Then again, who would pay a premium to fly Jet now?
This is a slow motion train wreck.


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CaliguyNYC
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 8:16 pm

https://www.thenewsminute.com/article/l ... ways-99713
Do we believe this story that Lufthansa is now interested in Jet. I feel like every day there is a Jet update that is bad, and someone says Jet is dead and then you see reports like this story. I guess in the end someone will buy the 77W and the BOM hub plus DXB slots?
 
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 10:05 pm

CaliguyNYC wrote:
https://www.thenewsminute.com/article/lufthansa-singapore-airlines-among-6-entities-show-interest-jet-airways-99713
Do we believe this story that Lufthansa is now interested in Jet. I feel like every day there is a Jet update that is bad, and someone says Jet is dead and then you see reports like this story. I guess in the end someone will buy the 77W and the BOM hub plus DXB slots?


"Global private equity firm TPG Capital and international airline such as Lufthansa are among six entities are believed to have shown interest in the "expression of interest" stake sale process of the debt-ridden Jet Airways, sources said."
"Sources said that TPG Capital, private equity firm KKR, Blackstone, Lufthansa, Singapore Airlines and Delta-Air France-KLM are among the companies approached by the lenders. "

When you read between these lines, all this means, is they have talked to these airlines/these airlines have done the minimum just in case. It in no way means any of the have any serious interest/plan to bid. Articles like this are put out mainly to try to stoke interest when there is none. The lenders went to these airlines, have them info and the company did not immediately set it on fire. Apparently that counts as interest.
 
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 10:33 pm

"Jet Tuesday operated only 22 planes, bringing down daily operations to 32 flights from Mumbai, the main hub. This included 16 arrivals and departures each," the source said, adding the airline didn't operate the remaining four aircraft. According to him, of the 22 planes it operated, 16 were on the domestic routes and the rest were deployed in the international routes.
 
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 11:37 pm

Cramer Ball, former CEO of Jet Airways, spearheading Etihad's bid

Sources added that the now Etihad Senior Adviser was back in India on April 8, to continue with the talks.

"If Cramer Ball is there, then things will move. He means business," says an executive from the industry.

https://www.moneycontrol.com/news/busin ... 88341.html
 
edealinfo
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 11:43 pm

1. Jet's shares gained over 3% to close at Rs 264 as the EOI bid document hints that banks won't get additional shares (for Re 1) so there won't be dilution in value of existing shares
2. Abu Dhabi Investment Authority and NIIF would likely submit a bid (but would serve to protect Etihad's interest).

Read more at:
http://timesofindia.indiatimes.com/arti ... 791883.cms?
 
edealinfo
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Re: Jet Airways: reports cash running out

Tue Apr 09, 2019 11:54 pm

"1. As on date, lenders can only offer about 32% of the airline’s shares that are pledged with them by founder Naresh Goyal, said a senior official. Banks' attempt to convert loans into equity giving them about 51% in the airline was thrown into doubt last week when the Supreme Court set aside RBI’s circular of February 12, 2018 that previously allowed it. If it doesn’t come for some reason, a prospective buyer or group of buyers can only buy 31.2% which is the extent of the pledged equity. They can then make an open offer and increase their stake to beyond 51%. Indian capital market rules trigger such an offer when shareholding level crosses 25%."

2. Jet needs urgent cash. So the lenders and SBI Capital Markets have opened up the process and are trying to work out a solution with Goyal and Etihad on how to put more shares on the block,” said the official.

3. Etihad does not want to make an open offer to the public but lenders are still trying to persuade the firm to participate. The Gulf carrier is sticking to its condition of exemption from the open offer rule.

4. The official cited above said it’s highly unlikely that such an exemption would be made, which leaves Etihad the option of teaming up with other investors or stick to its earlier decision of exiting Jet.


Read more at:
//economictimes.indiatimes.com/articleshow/68774437.cms?
 
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Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 12:14 am

https://www.livemint.com/companies/news ... 05847.html

“All of my client’s pleas to the management in respect of the outstanding payments have had no effect. My client addressed a notice to Your Goodself on 2nd April 2019 calling for pay of the outstanding amounts but have till date not even received a reply to the same, never-mind payment," lawyer Jane Cox said in the letter.

"Your Goodself"?????????? WTF does the lawyer think we are living in English country?

https://www.livemint.com/companies/news ... 05847.html
 
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lightsaber
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Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 12:18 am

edealinfo wrote:
"Jet Tuesday operated only 22 planes, bringing down daily operations to 32 flights from Mumbai, the main hub. This included 16 arrivals and departures each," the source said, adding the airline didn't operate the remaining four aircraft. According to him, of the 22 planes it operated, 16 were on the domestic routes and the rest were deployed in the international routes.

Source? We are all interested, but I have no idea how much weight to put on this report. Radio? Analyst? Pilot? Hair stylist?

Lightsaber
IM messages to mods on warnings and bans will be ignored and nasty ones will result in a ban.
 
juliuswong
Moderator
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Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 12:29 am

9W CEO is like revolving door.....It will be homecoming to Cramer if he is named CEO again.

Vinay Dube- 9 August 2017 to Current.
Gaurang Shetty- 29 February 2016 - 8 August 2016 (as Acting Chief Executive Officer)
Cramer Ball- 25 September 2014 - 29 February 2016 (Barely a year and three months)
Ravishankar Gopalakrishnan- 17 January 2014 - 24 September 2016 (as Acting Chief Executive Officer)
Garry Kenneth Toomey- 14 June 2013 - 16 January 2014 (Barely seven months)
Hameed Ali- 23 May 2013 - 13 June 2013 (as Acting Chief Executive Officer)
Nikos Kardassis- 20 May 2010 - 23 May 2013 (Three years)
Nikos Kardassis- 15 October, 2009 - 20 May 2010 (as Acting Chief Executive Officer)
Wolfgang Prock-Schauer- June 2003 - 15 October 2009 (Three years)
Steve Forte- February 2000 - 1 December 2002 (Almost two years)
Saroj Dutta- 1999 - February 2000 (as Acting Chief Executive Officer)
Nikos Kardassis- 1994 - 1999 (Five years)
Last edited by juliuswong on Wed Apr 10, 2019 12:34 am, edited 1 time in total.
- Life is a journey, travel it well -
 
edealinfo
Posts: 2033
Joined: Mon Jan 21, 2019 7:11 pm

Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 12:30 am

lightsaber wrote:
edealinfo wrote:
"Jet Tuesday operated only 22 planes, bringing down daily operations to 32 flights from Mumbai, the main hub. This included 16 arrivals and departures each," the source said, adding the airline didn't operate the remaining four aircraft. According to him, of the 22 planes it operated, 16 were on the domestic routes and the rest were deployed in the international routes.

Source? We are all interested, but I have no idea how much weight to put on this report. Radio? Analyst? Pilot? Hair stylist?

Lightsaber



https://economictimes.indiatimes.com/in ... 800517.cms


https://www.livemint.com/companies/news ... 93960.html
 
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SQ789
Posts: 700
Joined: Thu Mar 16, 2017 11:51 am

Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 1:49 am

According to planespotters. Now nearly all their 737’s are now grounded. Seems like now they have about 50 planes flying if I’m not wrong.
If it's not Boeing, I'm not going!
 
lutfi
Posts: 885
Joined: Wed Sep 27, 2000 6:33 pm

Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 2:37 am

edealinfo wrote:
https://www.livemint.com/companies/news/jet-airways-pilots-threaten-legal-action-over-unpaid-salaries-1554828505847.html

“All of my client’s pleas to the management in respect of the outstanding payments have had no effect. My client addressed a notice to Your Goodself on 2nd April 2019 calling for pay of the outstanding amounts but have till date not even received a reply to the same, never-mind payment," lawyer Jane Cox said in the letter.

"Your Goodself"?????????? WTF does the lawyer think we are living in English country?

https://www.livemint.com/companies/news ... 05847.html


Eh - as I am sure you know, Indian English is a version, just as American English, English English, Singapore English etc. "Your Goodself" is common/ used in Indian English, not in other versions. You wouldn't see it in a letter from a lawyer in Belize say. Doesn't mean it is wrong.

e.g the Indian English poetry of Nissim Ezekiel - it is beautiful
 
WPvsMW
Posts: 2120
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Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 2:51 am

Re: Your Goodself aka Your Good Self
Usage of the phrase peaked in 1830 and 1930. Get ready for 2030.
https://ell.stackexchange.com/questions ... to-refer-t
 
edealinfo
Posts: 2033
Joined: Mon Jan 21, 2019 7:11 pm

Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 3:21 am

HOT OFF THE PRESS
Naresh Goyal offers to pledge rest of shares for Rs 1.5k cr to Jet Airways [Pledged shares to increase from 31% to 51%]


Read more at:
//economictimes.indiatimes.com/articleshow/68803994.cms?
 
lutfi
Posts: 885
Joined: Wed Sep 27, 2000 6:33 pm

Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 3:45 am

That's nice. Don't think it will help. 51% of Jet is worth less than 31% of Jet, assuming that the airline now has negative value without massive haircuts
 
dtw2hyd
Posts: 7308
Joined: Wed Jan 09, 2013 12:11 pm

Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 10:39 am

edealinfo wrote:
Cramer Ball, former CEO of Jet Airways, spearheading Etihad's bid

Sources added that the now Etihad Senior Adviser was back in India on April 8, to continue with the talks.

"If Cramer Ball is there, then things will move. He means business," says an executive from the industry.

https://www.moneycontrol.com/news/busin ... 88341.html


As long as PSBs spearheading the effort, everything will move at a glacial pace.

What should have happened is, few PSB employees win a lottery trip to Abu Dhabi/Dubai and the gold coin vending machines at Dubai dispense several coins in a jackpot. All legitimate coincidences, of course.
 
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B747fanReal
Posts: 34
Joined: Mon Aug 06, 2018 12:44 pm

Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 11:15 am

Looks like a Jet Airways Boeing 777-300ER has been seized at Amsterdam’s Schiphol Airport

Source - https://timesofindia.indiatimes.com/bus ... atsApp.com

Edit: Source 2 - www.indiatoday.in/amp/business/story/je ... 2019-04-10
 
dtw2hyd
Posts: 7308
Joined: Wed Jan 09, 2013 12:11 pm

Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 11:23 am

AMS-BOM was a 77W when I flew a few days back.
 
User avatar
B747fanReal
Posts: 34
Joined: Mon Aug 06, 2018 12:44 pm

Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 11:24 am

dtw2hyd wrote:
AMS-BOM was a 77W when I flew a few days back.

It is a 77W indeed which is registered VT-JEW
 
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sq421
Posts: 52
Joined: Sat Jun 25, 2016 7:22 am

Re: Jet Airways: reports cash running out

Wed Apr 10, 2019 11:33 am

B747fanReal wrote:
dtw2hyd wrote:
AMS-BOM was a 77W when I flew a few days back.

It is a 77W indeed which is registered VT-JEW


Is this permitted? Was this aircraft offered as a collateral?

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