India's Jet Airways flying just 7 planes amid investor talks | AP business

Daniel Fowler
April 17, 2019

Another report said that lenders to Jet Airways may not consider an initial bid from Goyal to regain control of the troubled airline as he did not fulfil certain conditions set by them while submitting the EoI on Friday.

Earlier on Sunday, NAG had announced that its 1100 members would stop flying from April 15 in protest against "non-payment of salaries since January". Its employees are expecting to be paid their pending salaries once the fresh funding comes through.

Meanwhile, the airline extended the suspension of its services to Toronto and Paris from Chennai and back, besides withdrawing services from SAARC and ASEAN routes for an indefinite period.

Jet Airways is reeling under severe debt, and have no money to pay for salaries anymore. It also announced the resignation of one of its independent directors, Rajshree Pathy, from the company for other commitments. The airline's staff was last paid for December 2018.

A pilot who confirmed his participation in Monday's joint visit to the airline headquarters to seek answers said, "Everytime there has been a ray of hope, it seems to flicker and die out without anything fruitful transpiring".

The union asserted that it will meet on Monday with the airline management and State Bank of India (SBI) as no collective decision has been taken yet.

An urgent meeting to discuss the Jet situation was held at the prime minister's office on Friday, which was also attended by the country's aviation secretary, Pradeep Singh Kharola.

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The NAG had in late March called for no flying from April 1 over non-payment of salaries.

The SBI-led group of lenders had last month taken control of the airline and agreed to provide an immediate funding support of Rs 1,500 crore.

However, on March 31, it deferred the agitation to April 15, saying it wanted to give more time to the new management.

Currently, Jet Airways is operating only 6-7 planes, dozens of others were seized by creditors in recent weeks.

Flights to and from London and Amsterdam would be "cancelled" until at least Tuesday, according to the statement, quoted by the Press Trust of India news agency.

Abu Dhabi-based Etihad Airways, which owns a 24-percent stake in Jet, private equity fund TPG Capital, India's National Investment and Infrastructure Fund and ousted chairman Naresh Goyal are among those to have bid, the Business Standard said.

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