Friday, 19 April, 2019

Deadline for Jet bids extended to Friday

Jet Airways receives legal notice over unpaid salaries Troubled Jet Airways' B777 seized by WFS in Schiphol over unpaid fees
Priscilla Morrison | 12 April, 2019, 11:01

On Wednesday, a Boeing 777 aircraft of the airline was seized in Amsterdam over non-payment of cargo dues. Fortunately, the action was taken before passengers could board the plan so they are waiting at Schiphol Airport. Fly Aircraft Holdings Nineteen Ltd, Wells Fargo Trust Company, CIT Group Finance, Fly Aircraft Holdings Seventeen Ltd, and Jade Aviation are amongst the few companies that have approached the regulator.

Indian Oil Corporation (IOC) has stopped fuel supply for the non-payment of dues, while a European cargo agent seized one of its wide-body planes at the Amsterdam airport over payments.

The airline is facing a though time, as International Olympic Committee has once again halted fuel supplies to it for breaching the credit limit agreed upon.

Nonetheless, industry insiders said that the lenders of the airline might have made a part-payment towards the dues.

According to a senior International Olympic Committee official, the company had stopped fuel supply to Jet Airways from 3 p.m on Wednesday over non-payment of dues by the airline.

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Apart from employees, aircraft lessors are also upset with the current financial situation with some of them requesting the Directorate General of Civil Aviation (DGCA) to de-register their aircraft leased to the company.

Civil Aviation Secretary Pradeep Singh Kharola said last week that only 26 aircraft are operational while Jet Airways last month said it is now flying 35 planes.

In a clarification to its April 8 invitation for EoI on change in control and management of Jet Airways, the lenders gave interested parties an option to restructure the airline's existing debt facilities, put at over Rs 8,000 crore, and infuse funds through loans.

The airline now operates 26 aircraft, including Airbus A330s, Boeing 777s, 737-800 and ATRs, to various destinations like London, Toronto, Singapore, Amsterdam, Paris, Bangkok and domestic sectors like Mumbai-Delhi, among others. A lenders' consortium that recently took over the airline from its founder and chairman Naresh Goyal has extended the deadline for submission of expressions of interest (EoIs) by two days to April 12.

The airline, which is facing a severe cash crunch, has grounded several aircraft in its fleet of 119 in recent months.

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