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.

More news: Donations pour in for boy thrown from Mall of America balcony

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.



Like this

loading...
loading...

Latest


15 April 2019
Here’s Where You Can Find Every Fortnite Reboot Van
Once you have it, take it to either a Respawn Beacon or Reboot Van , and you can give your dead teammate a second chance at life. All that's really changing here are some bug fixes for issues with matchmaking, as well as a respawn issue with the Reboot Van .

15 April 2019
Tristan Thompson Shares Sweet Birthday Wishes for 'My Twin' True
In one photo from the shoot, Khloe dotes on her baby girl, who appears to love the camera and the attention she is getting. The proud mama and her baby girl were totally twinning in silvery purple ensembles in this sweet snapshot on January 7.

14 April 2019
United States crude rises 31 cents, settling at $63.89, on tightening oil supply
It said that US, Brazil, Russia , UK, Australia, Ghana, Sudan and South Sudan will be the main drivers of supply growth this year. International Brent crude oil futures were at $71.01 per barrel at 0042 GMT, up 18 cents, or 0.3 percent, from their last close.

14 April 2019
Mariners break new HR record to start season
The 2002 Cleveland Indians (14 games) are the only team since 1908 to open the season with more games with home runs. The historic homer came from an unlikely source, No. 9 hitter Dee Gordon, who has 16 HRs in his nine-year career.

14 April 2019
Several NASCAR teams fail pre-race inspection
Busch said Richmond is "getting a little trickier" due to the combination of its aging race surface and the current Cup vehicle . Five other teams failed inspection and had their qualifying speeds and pit selections disallowed, also sending them to the back.

14 April 2019
Epic Games Hires Infinity Ward, Respawn Entertainment Founder
Jason West, co-founder of Infinity Ward and Respawn Entertainment, has apparently been quietly hired by the company. Epic Games has hired Jason West, who co-founded Infinity Ward and Respawn Entertainment with Vince Zampella.

14 April 2019
GoT star Iain Glen to play Bruce Wayne in Titans series
Titans follows the superhero squad led by Batman's former sidekick, Dick Grayson ( Brenton Thwaites ), otherwise known as Robin. In season two, producers have confirmed with Deadline that the two characters will play a much larger role in Titans itself.

14 April 2019
Severe Thunderstorm Watch until 3 pm || Sponsored by Quality Roofing
Gurley says Ratliff was inside his home on Center Hill Road when a tree smashed through his mobile home crushing him in his sleep. National Weather Service meteorologist John Moore said a possible twister touched down Saturday in the Vicksburg, Miss., area.

14 April 2019
Dutch doctor ‘fathered 49 children’ in IVF scandal
The doctor had always denied the accusations, but it was revealed on Friday after DNA tests were made public by a Dutch court. The Karbaat family's lawyers argued that their clients' right to privacy had to be respected.

14 April 2019
Apple is being investigated by Dutch government for allegedly favouring own apps
On the one hand, it is in the interest of Apple and Google to offer many and different apps in their app stores. There are often no realistic alternatives and so Apple and Google have the opportunity to set unfair terms.