Tag: Jet Airways
Indian Immigration authorities stop former Jet Airways chief Naresh Goyal and his wife from travelling to London a month after the debt-laden company grounded its fleet.
Billionaire Hinduja brothers bid interests in India's grounded Jet Airways burdened by more than US$1 billion debt has sent its shares to 7% rise, a boost for the airline.
Jet Airways has been in a tailspin for months, defaulting on loans and failing to pay many staff and aircraft leases.
The National Aviator's Guild says not receiving the previously agreed upon funding has resulted in the airline being grounded indefinitely.
International airlines are just waiting for an opportunity to scoop up nearly a million outbound passengers from Jet Airways.
Jet Airways' rivals have moved in to lock down routes previously dominated by the ailing carrier.
Jet's shares took a nosedive by more than 32%.
Air France and KLM are operating additional flights to Mumbai to accommodate passengers affected by Jet's decision to cancel international flights.
An emergency board meeting was called for Tuesday after the latest blow to the beleaguered company.
The airline has only seven jets left after dozens of others were seized by creditors in recent weeks.
Thursday's move comes even as Jet's lenders still try to seek expressions of interest in the debt-laden carrier from potential investors.
The bailout process may be delayed as the Reserve Bank of India has yet to examine the issue of debt to equity conversion, which is part of the deal.
The Mumbai-based airline, which was until recently India's second-biggest by market share, has also defaulted on several loan payments.
The move by Avolon indicates an escalation of a crisis for Jet.
Unpaid salaries to its pilots had caused Jet Airways' shares to drop after it had to let go 15 planes.
Jet Airlines pilots were on strike after the airline company had defaulted on crew wages.
Goyal's stake in Jet Airways will fall to half the current 51%.
The Mumbai-based airline has now been left with just a quarter of its fleet of 119 aircraft in operation.
The airline has racked up over US$1 billion in debt, and owes money to banks, suppliers, pilots and lessors.
Saddled with debt of more than US$1 billion, the airline is struggling to stay afloat.
Jet Airways shares rose as much as 7% on Friday as the founder agrees to reduce his stake in the airline.
No clarification on groundings being voluntary or forced.
Tata is reviewing Jet's accounts with a view to potentially buying a stake, Bloomberg News reported, while on Tuesday the Mint daily said Tata's finance chief and Jet's chairman were leading the talks.
The struggling airline has also not been able to pay salaries to the employees on time.
12Page 1 of 2