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March 26, 2019 7:25 am
The firm has formed an Interim Management Committee to oversee the performance under the supervision of the board with the support of McKinsey & Co.
March 25, 2019 7:39 pm
With this, Naresh Goyal ceases to be the chairman of the airline, which has been grappling with more than Rs 8,200 crore debt, unpaid salaries and a grounded fleet.
March 25, 2019 5:02 pm
Even though Jet is not the only airline to bear the brunt of macro factors such as high fuel prices and a depreciating rupee, analysts say the carrier’s high debt levels and failure to raise fresh funds have landed it in trouble.
March 18, 2019 8:24 pm
In a communication to employees on Monday, Goyal said talks with the airline's strategic partner Etihad Airways, which owns 24 per cent stake in Jet, and SBI-led lenders were going on.
March 11, 2019 4:38 pm
The Etihad board is meeting in Abu Dhabi Monday to discuss the resolution plan for Jet in which it owns 24 percent stake since April 2014.
February 28, 2019 9:07 pm
The source with direct knowledge of the matter further said that Eithad, which owns a 24 per cent stake in Jet Airways, is reticent to provide interim funding of about 7 billion rupees ($99 million) to Jet Airways.
February 15, 2019 9:27 am
The resolution plan allows the lending consortium to nominate members on the board. The company called an extraordinary general meeting on February 21 for shareholder approval.
January 17, 2019 2:20 pm
Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.
December 14, 2018 2:24 pm
The 25-year-old airline, which Goyal set up with his wife at a time when state-run Air India was the only real formidable opponent, has outstanding dues of about $400 million.
December 06, 2018 3:08 am
Earlier this week, Jet Airways said it has added 65 new weekly services to its domestic and international operations. Meanwhile, the company also announced stopping of free meals for most of its economy class passengers.