How much longer for Jet Airways?
Back to Forum- This topic has 70 replies, 20 voices, and was last updated 28 May 2019
at 12:54 by Tom Otley.
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cwoodwardParticipantVarious Indian news sources are reporting several new developments re reviving Jet.
Several are confirming Jet sources saying that at least 75 aircraft will be flying again by end April.
Investors/banks are taking 50% shareholding.
An independent trust being formed to take the remaining founders and Etihad shareholdings.
Large injections of funding from new investors now being finalised.
Much of the reporting is not in English but there are too many source for there not to be truth in all of the above.
No doubt all will be fully reported in the next days.Economic Times story below has a fair amount of detail.
https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/jet-airways-resolution-lenders-chalk-out-new-plan-for-funding/videoshow/68677108.cms2 Apr 2019
at 07:04
AMcWhirterParticipantThe situation at Jet Airways is showing no signs of improvement.
4 Apr 2019
at 13:41
cwoodwardParticipantA slightly more optimistic view from the Hindu Times
https://www.thehindubusinessline.com/opinion/editorial/jet-after-goyal/article26645740.ece
Goyal shareholding being diluted to 25% (from 51%) and removal from the board indicate that the first seeds of recovery are being sown. Will they germinate? Its still very fluid situation with no certainty ether way however with the reported government preference being that the airline survives there is perhaps room for a degree of optimism.
Etihad’s shareholding has also been diluted by the same ratio as the Goyal holding and if the recovery planes go ahead will likely be diluted further.
Yesterday 20 aircraft reported flying domestically and 11 international. An improvement on the previous day and meeting the government requirement for international airlines to operate a minimum number of flights domestically in order to continue international operation.
With Goyal gone there is an increased possibility that the previously courted local heavyweight investors will now see a long term investment as a sufficiently attractive option and take the plunge. If not I agree with Alex’s view that the future remains bleak for Jet.5 Apr 2019
at 04:15
AMcWhirterParticipantJet Airways “has temporarily suspended inflight entertainment facilities on all domestic and international flights.”
Above message posted today on Virginatlantic.com
https://www.virginatlantic.com/gb/en/travel-information/travel-news.html#accordParent1
6 Apr 2019
at 11:31
cwoodwardParticipantJet airways shares rose 3.25 yesterday on news that the lead lenders were prepared to sell a 75% controlling holding in the airline narrowing this years losses to under 5%.
San Francisco based TPG capital and NIIF are being mentioned as likely bidders. Etihad after earlier declaring that it wanted to sell also seems to be back in the running to acquire a controlling interest. The bidding process commences today9 Apr 2019
at 07:30
AMcWhirterParticipantToday one of the carrier’s aircraft was seized at Amsterdam for non-payment of fees reports The Times of India.
10 Apr 2019
at 12:48
cwoodwardParticipant“Jet Airways receives bids from 5 companies, defers deadline for expressions of interests”
Read more at:
//economictimes.indiatimes.com/articleshow/68823817.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst“Etihad, a substantial equity partner in Jet, is believed to be one of the interested parties and Former CEO and Etihad veteran Cramer Ball has been meeting officials from SBI almost everyday. When Ball stepped down in December 2015, Jet was showing signs of turning around. In fact, in that December quarter, the airline made its biggest-ever quarterly profit.”
11 Apr 2019
at 04:08
alainboy56ParticipantCramer Ball is the Roy Hodgson of EY. He was at Air Seychelles initially, turned them around and set them on a new course (even if that has now been re-trenched for other reasons) and I believe he also did a spell with Alitalia too, although that has also not turned out so well as it’s nigh on impossible to turn around AZ, its a dead loss and only to be ‘managed’, if that is the correct word, by the Italian Government (or perhaps AF, they are very skilled at losing money too).
However joking aside, I am very skeptical that EY are really that interested in the future of Jet Airways. if one follows the course of events in UAE over the last 2 years, its a never ending sequence of retrenchment, so imho they are only interested in securing/retrieving their investment, and not any further embellishment.11 Apr 2019
at 04:27
Flying KiwiParticipantLooks like 9W have cancelled all international flights today 11 April and tomorrow 12 April
It seems bookings are suspended on their site for those days too
11 Apr 2019
at 16:47
tomwjsimpsonParticipant[quote quote=929141]Looks like 9W have cancelled all international flights today 11 April and tomorrow 12 April
It seems bookings are suspended on their site for those days too[/quote]
Under Indian authority rules an airline needs to have at least 20 aircraft active in its fleet to ply international routes – seems less than 20 of Jet’s planes are currently in use . .
12 Apr 2019
at 05:55
BackOfThePlaneParticipantThis is the end / Beautiful friend / This is the end / My only friend / The end
1 user thanked author for this post.
12 Apr 2019
at 09:01
pheighdoughParticipantI think this is all too little too late to save Jet. They’ve been declining for a while and each time there is a positive spin, this is closely followed by more aircraft grounded or impounded. I think Etihad’s interest is they ‘own’ some B777s that Jet are flying and don’t want to see those impounded.
I hope to be proved wrong, but I think Jet has now come to an end.
12 Apr 2019
at 09:02 -
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