Lenders discussing ways to revive Jet Airways; fund infusion likely soon

Could Etihad support seven daily flights to the UK

A senior official at DGCA said that ticket prices on high-density routes have risen up to 30 per cent in last one month.

Representatives of various lenders to Jet Airways are also understood to have discussed issues related to Jet Airways with Financial Services Secretary Rajiv Kumar.

"The company has reached out to our lead lender, State Bank of India yet again and stressed on the need for urgent funding requirements, critical to the continuation of the operations of our airline", said Vinay Dube, Chief Executive Officer of Jet Airways.

A year ago Jet had more than 120 planes operating, but the full-service airline has been hit by competition from low-priced carriers such as IndiGo and SpiceJet, along with high oil prices, fuel taxes and a weak rupee.

Jet Airways urgently needs the previously agreed rescue capital injection of at least INR10 billion rupees (USD144 million) to resume operations on a larger scale. Meanwhile, merchant banker SBI Caps, acting on behalf of the group of lenders, has started the process for sale of the financially troubled carrier for lenders.

At least 2 killed in aircraft collision in Nepal’s Lukla airport
Seven people, including the country's tourism minister, were killed in February when a helicopter crashed in the hilly east. But the airport has been dubbed one of the world's most unsafe because of the short runway and hard approach.

Reeling under a debt of over Rs 8,000 crore, Jet Airways has grounded nearly its entire fleet and is now operating only 5 planes, according to civil aviation officials.

On Monday, lenders did not take a final decision on providing emergency funds to the cash-strapped carrier.

It was operating fewer than 10 planes yesterday and has just seven in circulation today, The Economic Times said, paying fuel suppliers on a day-by-day basis.

Creditors can take a defaulting company to the NCLT for seeking approval for resolution under the Insolvency and Bankruptcy Code (IBC).

Lenders to the cash-strapped Jet Airways are committed to reviving the air carrier but nothing has been finalised yet, Punjab National Bank (PNB) Managing Director Sunil Mehta said on Tuesday.

Related News:

  • Russell Wilson & Ciara Cuddle Up After $140 Million Contract Extension

    Russell Wilson & Ciara Cuddle Up After $140 Million Contract Extension

    Wilson has led the Seahawks to the playoffs in six of his seven seasons, the only miss coming in 2017 when Seattle finished 9-7. Wilson is now tied to the Seahawks through the 2023 season with a deal that includes a no-trade clause.
    Scientists Print World's First 3D Heart

    Scientists Print World's First 3D Heart

    To do this, they separated the cellular material from the tissues and reprogrammed it to become pluripotent stem cells. A 3D-printed, small-scaled human heart engineered from the patient's own materials and cells.
    Mobile Pixel 3 launch tipped for spring confusion

    Mobile Pixel 3 launch tipped for spring confusion

    It will reportedly ship with a Qualcomm Snapdragon 710 processor and likely match other features you'd find in the Pixel 3a. Google Pixel 3a and Pixel 3a XLwere recently leaked with the codenames "sargo" and "bonito" respectively.
  • Thomas signs with Patriots

    Thomas signs with Patriots

    After Week 8 last season, the Broncos traded Thomas to the Houston Texans in exchange for a fourth-round draft pick. Thomas agreed to a one-year deal with the Patriots worth up to $6 million, NFL.com reports .
    Intel exits 5G smartphone modem business in wake of Apple/Qualcomm settlement

    Intel exits 5G smartphone modem business in wake of Apple/Qualcomm settlement

    Smartphone maker Apple and chipset manufacturer Qualcomm has announced that the companies are settling their lawsuits . Apple gets to break its dependence on a single chip maker and Qualcomm gets to do business with a large customer.
    Zidane says Madrid set to make changes after poor season

    Zidane says Madrid set to make changes after poor season

    Leganes , 11th in the table, went close to winning the game but Youssef En-Nesyri had a goal correctly disallowed for offside. He took his La Liga tally to 18 goals against Leganes and Carvajal hailed him as Madrid's player of the season.
  • Measles cases in Detroit area linked to haredi traveler rise to 39

    Measles cases in Detroit area linked to haredi traveler rise to 39

    With data gathered from 170 countries, the report says there have been 112,163 cases of measles reported so far in 2019. The CDC recommends MMR (measles, mumps , and rubella) vaccinations for children, starting at 12 months of age.
    Western Conference first-round matchups by the numbers

    Western Conference first-round matchups by the numbers

    LeBron James nearly got into the club past year , coming as close as humanly possible - he scored 2,999 points for Cleveland. After going toe-to-toe with James in the 2017 and 2018 playoffs, the top spot could be his with another big postseason.
    IOS 13 will bring a huge dark mode update to iPhone

    IOS 13 will bring a huge dark mode update to iPhone

    There will be a lot of iPad-specific changes in iOS 13, including the ability for apps to have multiple windows. The clunky iOS undo function, which until now has involved shaking the device , may be usurped by a gesture.
  • FBI looks for woman ‘infatuated’ with Columbine shooting

    FBI looks for woman ‘infatuated’ with Columbine shooting

    The Miami Herald and WTVJ are reporting that neighbours say the teen is a senior at Miami Beach High School. In December, an anonymous caller claimed bombs had been planted inside Columbine high school.
    IPL 2019: Buttler, Gopal guide Rajasthan Royals to victory

    IPL 2019: Buttler, Gopal guide Rajasthan Royals to victory

    Rajasthan made a strong comeback, removing Surya Kumar Yadav (16) and Kieron Pollard (6) to put the pressure back on the host. Wicketkeeping: It will be a tricky choice to pick between the two stalwart keepers - Quinton de Kock or Jos Buttler .
    Price hikes, new rivals cloud Netflix outlook

    Price hikes, new rivals cloud Netflix outlook

    Netflix's results come after it announced a $2 price increase to $13 a month for United States subscribers , its largest audience. And the reason for doing so is easily found on the streaming giant's investor relations page under the financial reports section.


Most liked

Seahawks 2019 Schedule To Be Announced Wednesday, April 17
The matchup marks the first time the Texans will play in the U.K.in franchise history. The complete slate includes three divisional games and five playoff participants.

Donors Pledge Some $790Mln to Restore Iconic Notre Dame After Devastating Blaze
Parisian Beatrice Champetier arrived to lay flowers - it was the least she could do, she said, for a building that "is our life". Though "some weaknesses" in the 850-year-old structure had been identified, overall it is "holding up OK", he added.

Gary Lineker reacts to Man United’s 3-0 loss to FC Barcelona
Both could have been avoided, even if Young's turn on the edge of his own box was punished in devastating fashion. Sergi Roberto at the far post only for De Gea to redeem himself with a fantastic save.

Indian government wants Apple to boot TikTok out of the App Store
The case is up for hearing in the Madras High Court, after which the SC will decide on its fate on 22nd April. The bench said the high court is already seized of the matter and the ban order was just an interim order.

Guardiola says he's a 'failure' in Champions League
I did not come here to win the Champions League, honestly ", he said. "We didn't say, Bobby plays against Jorginho, for example". I know at Bayern Munich, we won absolutely everything except the Champions League and it was a big failure.

Game Preview: Pacers at Celtics (Game 2)
The Boston Celtics have won four of their last seven home games. "And it just doesn't have to be on the offensive end". The Boston Celtics are averaging 84 points on 36.4 percent shooting and allowing 74 points on 33.3 percent shooting.

Alexander Ovechkin Knocks Out 19-Year-Old Hurricanes Player In Big Fight
Ovechkin won his record eighth Maurice "Rocket" Richard Trophy this season as the league's top goal scorer. Capitals coach Todd Reirden had a different take on the whole thing: "I see it as two willing combatants".

Trump spends America's tax filing day in Minnesota
And the President celebrated the resurgent iron ore industry in northern Minnesota, recalling a crying worker who thanked him. Expand the earned income tax credit and the Child and Dependent Care Tax Credit, which offers a tax break for child care.

Rep. Ilhan Omar Sees Spike in Death Threats After Trump 9/11 Attack
Critics accuse Omar of offering a flippant description of the assailants behind the attack that killed almost 3,000 people. Amy Klobuchar - a 2020 Democratic presidential candidate - said she was "appalled" by the video Trump posted .

A new Lego Star Wars game is reportedly on the way
Over the course of my time at EA, we were back and forth on what the overall publishing corporation wanted. This is according to Press Start who spoke to Respawn recently about Star Wars Jedi: Fallen Order .

Game of Thrones Season 8 Premiere Ratings Are Highest Ever
Daenerys is definitely not winning any popularity contests in the North, and Sam implores Jon to question her lack of mercy. An emotional Kit is hardly surprising given the show's success and fans will be the same when the final episode airs .

Rockets vs. Jazz prediction: Utah can't win with a diminished Ricky Rubio
But now that they've gone all the way down to 213.5 points, it makes sense to step in and take the "over" instead. Denver used a big second half - that was kick started by their defense - to rally and nearly steal the victory.

Climate Change Protestor Defends Shutting Down London
Earlier this month, several Extinction Rebellion activists stripped semi-naked in the House of Commons during a Brexit debate. The protest had a festive atmosphere, with many families in attendance, and a low police presence.

Emery urges Ramsey to make a major impact for Arsenal before leaving
Javi Gracia insists Troy Deeney's elbow did not merit a red card against Arsenal in Watford's 1-0 defeat at Vicarage Road . It was an important game for us, he knew it.

Microsoft support agent's email hacked, customer emails compromised
Making matters worse was the fact that the company only admitted this after it was presented with screenshot evidence. Microsoft's Outlook.com service has been the subject of a pretty serious hack in recent weeks.