Jet Airways suspends flights on 13 routes

Jet Airways reduces flight services to 13 international routes till April 30

The lenders, led by SBI, are now working on debt resolution and a recapitalisation plan for the airline, but have not been able to rope in an investor yet.

However, the task at hand for the lenders is also getting more hard as minority partner Etihad Airways has also expressed its desire to exit the venture.

The lenders are looking to take a substantial stake in the debt-laden airline till the arrival of a new promoter.

The state-run banks are also pushing Goyal to step down, CNBC-TV18 added. IndiGo was up 2 per cent at Rs 1,409, gaining 10 per cent in past two trading days.

The NAG said the continued uncertainty and financial difficulties are causing extreme stress among pilots and engineers that can easily compromise safety which is not at all desirable.

The passenger load factor in the month of February 2019 has shown increasing trend primarily due to airlines offering promotional fares resulting in increased demand, it said. Scoot, Oman Air and Fly Dubai are among the worldwide carriers which have also attracted pilots from Jet Airways. Etihad is represented by two board members - Robin Kamar and Kevin Knight.

According to information, the airline has made service reductions to certain global routes like Bangkok, Kathmandu, Singapore and some Middle East destinations like Doha and Kuwait. Jet has already announced to postpone flights on the Mumbai-Manchester route. The low-priced carrier is looking to expand. Meanwhile the government reportedly has asked SpiceJet to fly the grounded Jet Airways aircrafts. Some agreement has to be reached to prevent Jet Airways from going into the National Company Law Tribunal (NCLT).

"We continue to engage in recruitment efforts both for expats and for the pilots who might be out of job in India to join us", William Boulter, IndiGo's Chief Commercial Officer, said on the sidelines of the airlines' first service to Istanbul, Turkey on Wednesday.

With the financial year set to end, Jet Airways pilots want to have a good credit score and be able to pay EMIs on loans and school fees on time. "In a service industry where businesses operate with few physical assets of their own and rely a lot on brand name and customer confidence, bankruptcy proceedings could hurt the airline's ability to remain in business".

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