Jet Airways cancels flights till April 18, board meet tomorrow...Looks like Jet Airways is filing chapter 11 Bankruptcy !!!

[bhaigan]

Mumbai, April 15 (IANS) Jet Airways' troubles don't seem to getting over anytime soon. With no funds coming from lenders, the beleaguered airline has extended suspension of its international operations till April 18.

"The interim funding has not been forthcoming thus far, and as a result we have extended cancellation of international operations through Thursday," said CEO Vinay Dube in a letter on Monday to Jet's over 20,000 employees.

Banks had earlier promised to pump Rs 1,500 crore into the airline

 

Jet Airways management and lenders here on Monday held marathon meetings to resolve the financial crisis and the board will meet on Tuesday morning.

Dube said the airline had been working with lenders to secure interim funding for operations. The company management, he said would seek guidance from the board on the steps forward. "We will keep you updated on all the critical developments," the CEO assured employees.

On Friday, the airline cancelled international operations for April 12 to 15. On Sunday, it extended cancellation of West-bound flights -- to and from Amsterdam, London and Paris -- until April 16.

IANS had exclusively reported earlier in the day that Jet has stopped forward bookings for some of its international sectors, including those for east Asia.

The airline is operating only 7 aircraft in domestic sectors due to grounding of 80 per cent of fleet by lessors. It has resulted in cancellation of several hundred flights and passengers getting stranded at airports.

The unpaid employees of the airline have taken out silent marches in New Delhi and Mumbai.

[bhaigan]

ltt

[sboyr2r]

Ethihad odi stake emaithadiib

[sboyr2r]

Ee naresh goyal gadini arrest chesi dobbali 

[Katara]

@Amrita Ticket paisal jaldi wapas teesko edo oti migultadi

[Amrita]

54 minutes ago, Katara said:

@Amrita Ticket paisal jaldi wapas teesko edo oti migultadi

VA put my parents in a different flight till Delhi. Jet airways flight aey adi kuda just like cancelled one. Malla cancel avutundi antara @Katara? 

[hyperbole]

 don’t mix terms, chapter 11 code is US specific 

 

[bhaigan]

1 minute ago, hyperbole said:

 don’t mix terms, chapter 11 code is US specific 

 

I am telling similar term in India, Anyway jet airways is going to bankrupt

[Android_Halwa]

SBI has already invited bids for stake sale in Jet Airways...and also received bids as of yesterday..

Apparently Naresh Goyal himself is one of the bidder getting ready to pick up stake once again, with etihad holding 24% already and Naresh Goyal's 54% is now transferred to group of lenders led by SBI...

After the debacle of Kingfisher, This is a very good move from going bankrupt.

This is actually an oppurtunity for other players to pick up stake, Jet enjoys premium landing slots on del,mum-lhr routes,amsrerdam,brussels,frankfurt as well as good domestic routes and if spicejet had been in healthy financial condition, it could have been an awesome thing for spicejet to take over jet and give a tough competetion to IndiGo.

[xano917]

Just now, Android_Halwa said:

SBI has already invited bids for stake sale in Jet Airways...and also received bids as of yesterday..

Apparently Naresh Goyal himself is one of the bidder getting ready to pick up stake once again, with etihad holding 24% already and Naresh Goyal's 54% is now transferred to group of lenders led by SBI...

After the debacle of Kingfisher, This is a very good move from going bankrupt.

This is actually an oppurtunity for other players to pick up stake, Jet enjoys premium landing slots on del,mum-lhr routes,amsrerdam,brussels,frankfurt as well as good domestic routes and if spicejet had been in healthy financial condition, it could have been an awesome thing for spicejet to take over jet and give a tough competetion to IndiGo.

[Android_Halwa]

2 minutes ago, bhaigan said:

I am telling similar term in India, Anyway jet airways is going to bankrupt

Not so soon man, think there is some life left in jet airways...all it needs is fresh working capital and some route optimization.

SBI has come forward and ready to pump in 1500 crores of working capital, just that jet needs to find a suitable partner for stake pick up.

[bhaigan]

23 minutes ago, Android_Halwa said:

Not so soon man, think there is some life left in jet airways...all it needs is fresh working capital and some route optimization.

SBI has come forward and ready to pump in 1500 crores of working capital, just that jet needs to find a suitable partner for stake pick up.

Lets see

[Katara]

15 hours ago, Amrita said:

VA put my parents in a different flight till Delhi. Jet airways flight aey adi kuda just like cancelled one. Malla cancel avutundi antara @Katara? 

No doubt.na opinion lo paisal wapas teeskodam better unless credit card insurance covered.inkoti enti antey last minute lo cancel chestadu appudu hassle kanna verey airlines chuskodam @Amrita

[bhaigan]

Jet Airways crisis deepens as US Exim Bank to start repossessing 10 Boeing 777

 

NEW DELHI: The US Exim Bank has recalled all loans extended to Jet AirwaysNSE -8.10 % for buying Boeing aircraft and is likely to take the possession of these aircraft, thus, taking away all the long-haul Boeing 777 aircraft that the airline owns.

Sources said that the amount of loan is about Rs 2,000 crore and the Bank is soon going to initiate the process of possessing the aircraft.

“The bank can take all 10 Boeing 777 aircraft that the airline owns and that would mean that the airline would not have aircraft left to operate,” said an airline executive, who did not want to be identified.

Email sent to US Exim Bank and Jet Airways remain unanswered.

Jet Airways, which is going through its worst-ever financial crisis, has cancelled flights due to grounding of aircraft by lessors. The lessors were grounded aircraft due to non-payment of lease rentals by the airline.

he US Exim Bank has recalled all loans extended to Jet AirwaysNSE -8.10 % for buying Boeing aircraft and is likely to take the possession of these aircraft, thus, taking away all the long-haul Boeing 777 aircraft that the airline owns.

Sources said that the amount of loan is about Rs 2,000 crore and the Bank is soon going to initiate the process of possessing the aircraft.

“The bank can take all 10 Boeing 777 aircraft that the airline owns and that would mean that the airline w ..
 

 

[Amrita]

2 hours ago, Katara said:

No doubt.na opinion lo paisal wapas teeskodam better unless credit card insurance covered.inkoti enti antey last minute lo cancel chestadu appudu hassle kanna verey airlines chuskodam @Amrita

Tickets are expensive to book again