BREAKING NEWS : बेसिक में किताबों की ढुलाई की जांच भी ठंडे बस्ते में पुलिस ने लाइसेंस निरस्तीकरण की रिपोर्ट भेजी मशहूर शायर राहत इंदौरी के इंतकाल पर पेश की खिराज-ए-अकीदत शेरगढ़ में मंदिर की भूमि पर पंचायत भवन न बनवाए जाने को एसडीएम व केंद्रीय मंत्री से मिले ग्रामीण नौकरी का झांसा देने वाली बारह युवतियां परिजनों के सुपुर्द, मुख्य आरोपी भेजा गया जेल आरोग्य सेतु एप पर बारादरी थाने के दरोगा में कोरोना की दहशत मंदिरों में सार्वजनिक कार्यक्रमों पर रही पाबंदी, घरों में मनाया जन्मोत्सव राधा-कृष्ण की मनमोहक झांकी ने मोह लिया मन मौलाना रशीदी के विवादित बयान पर हिंदू शक्ति दल ने एनकाउंटर की मांग निजीकरण के खात्मे को एकजुट होकर लड़ें : शिवगोपाल

Jet Airways is shutting down operations from tonight.

India's longest serving private airline, Jet Airways shut down all its operations on Wednesday evening after the government and bankers went back on their assurance to keep it afloat with their financial support. 

Facing a severe cash crunch and not able to secure emergency funds from lenders, Jet Airways has decided to call it off its operations temporarily. It is yet not sure if the company will be able to survive the crisis it is in and will start its operation again. The last fight of the company will take off today at 10:20 pm. The airline has been unable to pay its employees their due salary for the last three months. Jet Airways has joined Kingfisher on the infamous list of airlines that have ceased operations, effective from 17th April 2019.


Timeline of the turbulence

1) Jet Airways participates in aggressive cost-cutting measures to meet competitors IndiGo, SpiceJet and slashes flight prices.
2) Crude oil prices are on the rise.
3) In the last 11 years, Jet Airways has seen profits only in two years, 2016 and 2017.

August 2018:

Possible salary cut up to 25%  for employees on account of rising crude prices and the falling rupee.

October 2018:

Three consecutive quarters reported heavy losses for Jet Airways

December 2018:

Jet Airways defaults on loan repayments.
Rs. 76 crore loss reported in the financial year 2018.
14 pilots bail out on Jet Airways
At least 36 employees have been laid off.

January 2019:

Employees stop receiving salaries completely.

Feb 2019:

Jet Airways approves bailout plan: State bank of India (SBI) led bank consortium to be the major stakeholder
Naresh Goyal’s stake to drop from 51% to 25%, Etihad from 24% to 12%
Jet Airways also approves to allow lenders to convert debt to equity.

March 2019:

Jet Airways faces $1.2bn of net debt; operational fleet shrinks from 123 planes to just 41


March 25, 2019:

Jet Airways’ Board approves resolution where State Bank of India would lead lenders to infuse Rs 1500 crore immediately to the save the airline.

April 2019 :

Jet Airways operational fleet shrinks to 7. If the fleet strength goes below 5, Directorate General of Civil Aviation (DGCA) can cancel Jet Airways’  Airline operator license.
International flights have been canceled till April 18th.

April 12, 2019:

Etihad Airways, TPG capital, Indigo partners, Naresh Goyal’s Jetair with Future Trend Capital convey Expression of Interest (EoIs) in investing in the troubled airline. NIIF (National Investment and Infrastructure Fund) to bid directly.

April 14, 2019

Pilots in association with National Aviators Guild (NAG) plan to go on a strike on April 15 until salary dues are met.


April 15,  2019:

The Strike is deferred, and operations continue.
Urgent Investors meeting proves crucial for the release of Interim funding of Rs.1000 crores.
Debt total is at  Rs 8,000 crore.

April 16, 2019:

April 15th Interim funding meeting does not prove forthcoming, funding is not released.
Board meeting of Jet Airways to discuss the possibility of shutting the airlines down.
20,000 employees could lose their livelihoods.
Naresh Goyal withdraws from the bid.

access_time17 Apr 2019 11:04 AM