Tuesday, 18 June, 2019

Cash-starved Jet indefinitely suspends operations to Northeast markets

At its peak Jet Airways was operating nine services a day to and from Singapore three each from New Delhi and Mumbai two from Bangalore and one from Pune Jet Airways suspends all flights to and from Singapore until further notice
Russell Knight | 12 April, 2019, 12:26

Out of a strength of about 670 planes, India has lost 117 airliners in recent months Jet's flights to destinations such as Amsterdam, London, Paris, Singapore, Bangkok were cancelled on Thursday and Friday. But even before government could review Jet's eligibility to go overseas, cash crunch will make Jet India's smallest schedule airline flying only domestic routes till Friday morning.

As of Thursday the airline operated just 14 planes- way down from 123 planes in operations at the peak.

Speculation is rife that Goyal is also likely to join hands with a foreign carrier to submit initial bids for a stake in the airline he founded.

Former Jet Airways chairman Naresh Goyal was forced to step down from his post last month, but is understood to be considering submitting a bid for the airline. The beleaguered carrier can not even afford to refuel wide-body planes and meet other expenses of maintaining foreign flights in absence of the promised Rs 1,500-crore emergency funding from its lenders.

Jet Airways said its Mumbai-Kolkata, Kolkata-Guwahati and Dehradun-Guwahati via Kolkata stand cancelled for Friday due to "operational reasons".

Singapore flights of Jet Airways have also been indefinitely suspended amid the ongoing cash crunch and lack of money to pay dues to the aircraft lessors, Singapore's Changi Airport said in a tweet.

Yesterday, state-run oil refiner Indian Oil Corp suspended fuel supplies to Jet between 3 pm and 8:30 pm causing a disruption in flights. As per rules, an airline needs to have a minimum of 20 aircraft to be eligible to operate worldwide flights.

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Meanwhile, PTI quoting aviation secretary Pradeep Singh Kharola said the ministry may review Jet's eligibility to continue its global operations after it gets a report from the regulator.

Of the 14 aircraft that it is operating as of Thursday, eight are wide-body B777s (seven) and an A330- generally used for long-haul global operations.

And according to the official website for London's Heathrow airport, Jet Airways' Friday flights to Mumbai and Delhi will not operate.

Sources said lenders are expecting EoIs from worldwide airlines like Air Canada and Delta Airlines. You can check here if your flight on April 12 or 13 has been cancelled.

The bid deadline for the stake sale ends on Friday, April 12, and so far five players, including Etihad, have expressed interest.

The cash-strapped airline is chasing fresh investors to keep flying.

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