Friday, 26 April, 2019


Jet Airways receives legal notice over unpaid salaries

Jet Airways Jet Airways receives legal notice over unpaid salaries
Conrad Doyle | 13 April, 2019, 12:27

Due to cash crunch, the airline has been paying only part salaries to its over 16,000 employees which forced a section of its pilots on Tuesday to send a legal notice to the management, which is now being headed by the lenders led by the State Bank of India.

Jet Airways is fighting for survival as its fleet shrinks and some refiners tighten fuel supply terms despite efforts by the airline's lenders to find a new investor to bail out the cash-strapped Indian carrier. "Some of the bidders wanted to come as a consortium to share the cost of taking over the airline", said a banker.

In the last few weeks Jet Airways has been grounding its aircraft in tranches due to non-payment of dues to its lessors.

However, there is hope for the embattled airline yet as five companies are said to have submitted expressions of interest (Eo-Is) in picking up stakes in Jet, said two people aware of the matter. The supply was resumed late evening. However, minutes before the end of the deadline, it was extended.

"Bidders are required to provide the solvency certificate ... on their letterhead and certified by Managing Director/ Full Time Director / Chief Executive Officer of the bidder or a person holding an equivalent position in the bidder", it noted. This has been changed to "restructuring of the existing facilities and infusion of funds by way of loans or acquisition/subscription of up to 75% of equity share capital of the company".

On April 4, Civil Aviation Secretary Pradeep Singh Kharola had said Jet Airways was operating a fleet of 26 planes and it now fulfilled the criteria for operating on worldwide routes.

Cargo handler Worldwide Flight Services (WFS) has seized a Jet Airways Boeing 777 at Amsterdam Schiphol Airport because of unpaid fees.

Jet Airways issued the following statement: "Jet Airways' flight 9W 231 AMS BOM of April 10 2019, has been delayed due to operational reasons".

Earlier, SBI chairman Rajnish Kumar had said that lenders did not want to initiate insolvency proceedings against Jet Airways.

Heavily indebted Jet Airways was recently forced to ground more than 90 of its 118 total aircraft, which resulted in hundreds of flight cancellations.

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