Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Saturday, April 20, 2019 03:07:40 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

India's Jet extends international cancellations as airline teeters

By
14th-Apr-2019       
Comments
Share your thought
Post a comment »
Read all () »

AFP, Mumbai :
India's Jet Airways extended a suspension of all of its international flights until Monday, the latest blow to the debt-stricken carrier battling to stay afloat.
The development Friday came after the government said it would investigate Jet's ability to continue flying as lenders seek a buyer to keep the beleaguered airline running.
Passengers have been left stranded, and on Friday airline staff protested at Mumbai's airport.
A collapse would deal a blow to Prime Minister Narendra Modi's pro-business reputation as Indians vote in a mega six-week-long election that started Thursday.
A Jet Airways source told AFP that all of Jet's international flights out of and into India until Monday had been scrapped, extending a series of cancellations announced on Thursday.
Aviation minister Suresh Prabhu earlier tweeted on Friday that his ministry would "review issues related to Jet Airways" and "take necessary steps to minimise passenger inconvenience and ensure their safety".
Jet was until recently India's second-biggest airline by market share but is close to going under with debts of more than $1 billion.
The Mumbai-based carrier has been forced to ground the majority of its fleet after months of defaulting on loans and struggling to pay lessors and staff.
It told the Bombay Stock Exchange Thursday that 10 more planes could not fly due to non-payment.
The airline has a fleet of 119 aircraft but Civil Aviation Secretary Pradeep Singh Kharola said it would fly only six or seven of them over the weekend on domestic routes, after flying 11 on Friday, the Press Trust of India (PTI) reported.
That is below the 20 required by Indian aviation regulators to fly overseas.
Thousands of customers have been stranded in recent weeks after hundreds of flights were cancelled, in some cases with little or no notice.
Flights to to London, Paris, Amsterdam, Colombo and Singapore were among those cancelled Thursday and Friday.
Airline staff are also in limbo. Dozens of uniformed Jet workers protested on Friday at Mumbai's Chhatrapati Shivaji Maharaj International Airport, where they carried signs saying "Save Jet Airways" and "Save Our Future."
Close of play Friday was the deadline for prospective bidders to express an interest in acquiring a 75-percent stake in Jet.
A consortium of lenders led by the State Bank of India started the stake sale process on Monday. Any interested parties will then have until April 30 to make a formal bid.
Kharola said bankers asked the airline to "rework its proposal" on interim funding, and a meeting with bankers is scheduled for Monday, according to PTI.
"Depending on what the banks decide, the future course of action would be
taken," he said.
Several airlines, including Etihad, are interested in bidding, according
to reports.
The consortium took control of Jet Airways last month after creditors
injected $218 million of "immediate funding support" as part of a debt
resolution plan.
The deal saw founder Naresh Goyal step down as chairman.
Etihad Airways, which owns a 24-percent stake in Jet, has submitted an
expression of interest to buy a controlling stake of up to 75 percent,
according to Indian business dailies.
PTI, quoting sources, said Goyal has put in a bid for the airline,
although it was not clear whether he had partnered with another entity or
airline.
Alarm bells for Jet Airways first rang in August when it failed to report
its quarterly earnings or pay staff, including pilots. It later reported a
loss of $85 million.
In February, it secured a $1.19 billion bailout from lenders to bridge a
funding gap, but its crisis has deepened.
The carrier has been badly hit by fluctuating global crude prices and a
weak rupee, as well as fierce competition from budget rivals.
Mismanagement has also plagued the airline. Analysts trace the start of
Jet's financial problems to its 2006 purchase of Air Sahara for $500 million
in cash.
Goyal reportedly ignored the advice of associates who said the cost was
too much.

Tariff
Add Rate

News Archive

Inside The New Nation

Football »

FIFA backs English players' social media boycott over racism


AP, England :FIFA is backing a 24-hour social media boycott by professional players in England in a protest against racial abuse and revealed plans for a new global campaign to eradicate discrimination in soccer.Following a series of high-profile cases in recent weeks, the Professional Footballers' Association has gathered support from ...

International »

US President Trump declares victory on Mueller report D-Day


President Donald Trump, backed by his attorney general, declared himself fully vindicated on Thursday in the investigation into Russian election meddling and alleged collusion with his campaign - even before the American people and lawmakers see the full probe report."Game Over," Trump tweeted, using a "Game of Thrones" style montage ...

Entertainment »

Shanta Jahan in Australia for hosting


Sheikh Arif Bulbon :Shanta Jahan is a popular host of present time. Though she acts sometimes but always feels comfortable to present herself as a host to all. For the first time Shanta went to Australia to host a show. She left Dhaka at night on April 18. Today is ...

Editorial »

One is punished for another's sin!


LOCAL media reported that a day labourer was allegedly sent to jail on Wednesday for not paying electricity bill of Tk 4007, even though his house at Mochagora village in Muradnagar upazila in Cumilla district had no electrical line. On Thursday evening, Chief Judicial Magistrate granted him bail after hearing ...

Cricket »

Sri Lanka dump Chandimal, bring back Thirimanne for World Cup


AFP, Colombo :Sri Lanka Thursday dumped established stars including former captain Dinesh Chandimal to hand batsman Lahiru Thirimanne and leg-spinner Jeffrey Vandersay a place in their World Cup squad.Chandimal, who was one-day captain until last October, wicketkeeper-batsman Niroshan Dickwella, off-spinner Akila Dananjaya, openers Danushka Gunathilaka and Upul Tharanga were all ...

Cricket »

Senior players need to take the responsibility: Faruk Ahmed


Former chief selector Faruk Ahmed insisted on the performance of the senior players, stating that they need to take the onus if Bangladesh want to do well in the upcoming ICC Cricket World Cup.According to Faruk, the condition should give Bangladesh a confidence, given that they stormed into the semifinal ...

Entertainment »

Mehazabien’s Boishakhi works create viewers’ attention


Sheikh Arif Bulbon :For the last few years, Mehazabien Chowdhury established her strong position in media by virtue of her acting quality and skill. She is now getting positive response for acting in two Boishakhi plays. Afran Nisho was her co-actor in these two plays - Tom & Jerry and ...

International »

Turkish opposition takes control of Istanbul, re-run appeal still pending


Reuters, Istanbul :Turkey's main opposition candidate took office as Istanbul mayor on Wednesday after a stunning victory over President Tayyip Erdogan's AK Party, but the new head of the country's largest city still faces an appeal for the vote to be re-run.The final result of the March 31 local elections ...

Editorial »

Power politics in Egypt


A HUGE majority of Egypt's MPs on April 16 approved constitutional amendments to allow President Abdel-Fattah al-Sisi in power until 2030. The amendments were initially introduced in February, however after lengthy debates and discussions favouring the Egyptian society it was updated earlier this week. "The president's current term shall expire ...

Football »

Iniesta's J-League club Kobe part ways with coach Lillo


AFP, Tokyo :Barcelona legend Andres Iniesta's Vissel Kobe have terminated the contract of manager Juan Manuel Lillo following a poor run of results, the Japanese club said on Wednesday.The 53-year-old former Real Sociedad and Zaragoza boss won just two of six games since taking charge last October as star-studded Vissel ...

International »

US waging 'financial war' against Palestinians


AP, Ramallah, West Bank :The new Palestinian prime minister on Tuesday accused the United States of declaring "financial war" on his people and said an American peace plan purported to be in the works will be "born dead."In his first interview with international media since taking office over the weekend, ...

City »

Various organisations formed a human chain in front of Jatiya Press Club on Wednesday marking the International Krishok Sangram Dibash-2019.


Entertainment »

Priya Bapat to take up a web series


Web Series are surely the in thing nowadays and so many actors, irrespective of their stardom, are being seen in them. Marathi superstar Priya Bapat has also bagged a web series called City Of Dreams. Sharing her experience of being part of the series, she says, “Web series are now ...

Editorial »

Urgent steps needed to check outbreak of diarrhoea


AT the advent of summer this year, the number of diarrhoea patients has already crossed the recent records. International Centre for Diarrhoeal Disease Research, Bangladesh, and the other city hospitals are struggling to tackle the surge in diarrhoea patients. The diarrhoea patients admitted to the ICDDR,B has crossed the number ...

Cricket »

Tearful Taskin vows to make a strong comeback


Fast bowler Taskin Ahmed vowed to make a strong comeback after being snubbed from the 15-member World Cup squad, announced by the Bangladesh Cricket Board (BCB) on Tuesday.Chocked with emotions as tears were rolling down from his cheek Taskin shared his disappointments with media."Its' ok just pray for me," Taskin ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news