Economy

Jet Airways' creditors to meet over funding

Jet Airways' creditors to meet over funding”

The NAG said the members requested that the strike be put off in view of the "critical meeting" planned on Monday with the airline management and the State Bank of India (SBI).

"Pilots haven't been paid for the last three months", Capt Karan Chopra told Reuters.

After the meeting, Kharola said the carrier had money to operate 6-7 planes over the weekend and that the lenders would have to decide how many jets it could fly after Monday afternoon, news channel ET Now reported on Friday.

Since January, it has not been able to pay salaries to pilots and maintenance engineers.

On Sunday, as the midnight deadline set by the pilots union for clearing pending dues and sharing details of the revival plan drew closer, the pilots body, the National Aviators Guild (NAG) said it had "reviewed" the earlier "unanimous decision" of pilots to stop flying from April 15, if demands remained unachieved. This apart, the airline has also defaulted on the March salary of other categories of employees as well.

The SBI-led consortium is trying to find a buyer for Jet, which was until recently India's second-biggest airline by market share.

A meeting is underway between the airline management and the lenders, and a decision on the fund infusion is likely to take place today. The airline will create appropriate security over the company's assets for securing the existing facilities extended by the lenders and the proposed immediate funding support of up to Rs 1,500 crore by way of an appropriate debt instrument.

An Open House will be called shortly as per the availability of the venue and the committee members, the communication added. However, on March 31, it deferred the agitation to April 15, saying it wanted to give additional time to the new management to settle down prior to addressing its pending salaries issue.

Jet has "suspended" all flights to South and Southeast Asian nations as well as services from Chennai to Paris and Toronto, it said in a statement.

Jet has also stopped taking reservations for many worldwide flights, in some cases up to June 10.

Following complaints by passengers regarding lack of information on cancellation and non-receipt of refunds, the civil aviation secretary had Friday said the Centre has asked Jet Airways to inform passengers 48 hours in advance about flight cancellations, and take their problems into consideration.



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