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<ul><li>The stocks of the grounded airline <keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> have more than quadrupled investors' wealth since September 30 after a massive rally.</li><li>Murari Lal Jalan of the Jalan-Kalrock consortium said that they expect to restart the defunct airline's operations in four to six months after receiving approval from the NCLT.</li><li>In an interview, the new promoters said the company would retain the 'Jet Airways' brand and keep the airline public.</li></ul>The grounded airline Jet Airways’ stocks have more than quadrupled investors' wealth since September 30 after a massive rally. The 308% jump in its shares in just four months has made investors curious despite the airline being grounded after incurring heavy losses, the airline stock has been able to woo people to fuel up its share price. <div type="image" title="Jet share price (1)" msid="81154639" hostid="261"></div> Meanwhile, the stock was today locked in an upper circuit when the broader market plummeted by over 1100 points, and its listed peers IndiGo, SpiceJet were down 4% and 3%, respectively, amid weak global cues. <div type="Article" hostid="261" msid="81150110" title="One in every five rupees lent by SBI to individuals, goes to government employees" mstype="2" mssubtype="0"></div> Here's what made the investors cheers despite an overall selloff: The new owner is in a hurry to take the airline airborne with 25 aircrafts Murari Lal Jalan of the Jalan-Kalrock consortium told PTI that they expect to restart the defunct airline's operations in four to six months after receiving approval from the National Company Law Tribunal (NCLT) for its resolution plan. Earlier in December last year, Jalan said that it plans to operationalise Jet Airways by the summer of 2021, subject to certain conditions. The NCLT likely to take a final call on the airline's resolution plan, the winning consortium's lead member Murari Lala Jalan told that "everything is on track" as far as the revival efforts for the carrier are concerned. Stressing that he is very positive about the Indian aviation sector, the new owner of Jet Airways said that initially, the airline would resume flying with around 25 aircraft. "We are very hopeful that it (NCLT nod) will come," he said, adding that a delay of one or two months here and there would not make a difference for such a big thing as reviving the airline. The company plans to remain public In another interview, the new promoters said the company will retain the 'Jet Airways' brand and will keep the airline public. "We will definitely continue the way it was. Jet will remain a full-service offering...The name of the airline will also remain unchanged, Jalan told <a href="https://www.livemint.com/companies/news/jet-to-remain-public-restart-with-25-planes-11613953029156.html">LiveMint</a>. Jalan further added that the company also has plans to rehire some of the old employees. "Jet's former staff are assets and we will definitely want to look after them. We will do whatever is possible and whatever is practical. They are human capital, and experienced professionals, who we are looking forward to working with," he added. All plans in place While there has been a curiosity that even if the airline can cope with the delays of NCLT and other paperwork, will it be able to secure its slots? Jalan, in its interview, made it clear that the airline will get its slots back. "We are very optimistic. We have been assured by the ministry (of civil aviation) that whatever slot is required will be made available. Also, a lot more slots are available now than what a year ago. I don't foresee any problem with slots," said Jalan. The company also plans to keep Delhi, Mumbai, and Bengaluru as its hub like before. The revival plan proposes to support Tier-2 and Tier-3 cities by creating sub-hubs in such cities. Likely turbulence that investors should not ignore Jet Airways, the once-storied full-service carrier, was grounded in early 2019 and subsequently is undergoing proceedings under the Insolvency and Bankruptcy Code (IBC). This despite the tribunal itself classifying the case as one of national importance, there were no hearings at the NCLT between October last year and early February. The law mandates that the corporate insolvency resolutions process (CIRP) to be finished within 330 days after proceeding. However, in the case of Jet, the process has crossed over 530 days. SEE ALSO:<a href="https://www.businessinsider.in/politics/india/news/puducherry-government-falls-as-chief-minister-v-narayanasamy-loses-trust-vote-in-assembly/articleshow/81148119.cms">Puducherry Chief Minister V Narayanasamy resigns after Congress-led govt loses majority</a><a href="https://www.businessinsider.in/politics/india/news/puducherry-government-falls-as-chief-minister-v-narayanasamy-loses-trust-vote-in-assembly/articleshow/81148119.cms"></a> <a href="https://www.businessinsider.in/careers/news/deutsche-bank-plans-to-hire-1000-freshers-in-india-as-it-looks-to-build-core-technologies-in-house/articleshow/81147886.cms">INTERVIEW: Deutsche Bank plans to hire 1,000 freshers in India as it looks to build core technologies in-house</a>

This defunct airline’s stock has grown four times in just over 4 months — here's why

<ul><li>Lenders of grounded <keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> are working out different ways to ensure it does not end up bankrupt </li><li>Shares traded on June 17 and traded at a new 52-week low of ₹66.4 </li><li>The hearing at insolvency court is expected to be held on June 20</li></ul>Days ahead of an insolvency hearing, lenders of grounded Jet Airways are working out different ways to salvage <keyword id="7767413" type="UNKNOWN" weightage="20" keywordseo="jet-airways-from-bankruptcy">Jet Airways from bankruptcy</keyword>. But the shareholders are panicking already. The stock lost over 17% on Monday even as the lenders prepare to meet later today to discuss the various options that can help to turn around the airline The airline stalled operations on April 17 after the State Bank of India (SBI) refused to extend an additional loan. It has an outstanding loan of around ₹85 billion which it owes to a clutch of lenders. The spurt in volume of shares traded on June 17 took the stock to a new all-time low of ₹66.4. The hearing at insolvency court is expected to be held on June 20 after an appeal by two of its creditors, Shaman Wheels and Gagar Enteprises, to recover their dues. In spite of being the country’s second largest carrier before the ongoing crisis, the airline came under financial stress due to untoward expansion plans leading to debt, coupled with increase in fuel and other operational costs. How to save Jet Lenders are now trying various methods like giving an ultimatum to possible bidders like Hindujas and Etihad to close a deal. These talks were known to hit a roadblock after oil to hospitals<a href="https://www.businesstoday.in/markets/company-stock/jet-airways-share-price-falls-hinduja-etihad--airways-ailing-airline/story/355087.html"> business group Hindujas</a> as per reports. Yet another option is to sell the ‘Jet Airways’ brand to an interested investor. Another plan up the sleeve of the lenders who are expected to take a substantial haircut their loan, is to pay up and take charge of Jet’s aircraft. This plan is however how on their agenda for the lenders who have been hoping against hope that this shuttered company does not go down, taking their money with them.

Jet Airways shares slump over 17% as investors get anxious before the last word from bankers

<ul><li>Lenders of grounded <keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> decide to take the defunct airline to bankruptcy court </li><li>The process to find a buyer failed as there was only one bid and that too was, a conditional one. </li><li>The stock of Jet Airways fell 18% on Tuesday to a new all-time low </li><li>The hearing at insolvency court is expected to be held on June 20 </li></ul>Jet Airways’ lenders have given up hope of saving it from bankruptcy, as they have moved the matter to Insolvency and Bankruptcy Court (IBC). “After due deliberations, lenders have decided to seek resolution under IBC since only a conditional bid was received and requirement of the investor for SEBI exemptions and resolution of all creditors is possible under IBC,” said a statement by lenders of Jet Airways, after a meeting today. It means that a sale process can be still be carried on under the auspices of IBC. Lenders led by State Bank of India (SBI) have been taking efforts to find a resolution for Jet Airways outside IBC. But considering the joint bid by the Hindujas and one of Jet’s existing investors, Etihad, fizzled out, they have decided to move it to IBC. Stock price crash In anticipation of such a move, the stock of Jet had crashed in trade today. The stock lost over 17% on Monday as the lenders had met and made a last-ditch attempt and discuss options to keep it away from bankrupcy. The airline stalled operations on April 17 after the State Bank of India (SBI) refused to extend an additional loan. It has an outstanding loan of around ₹85 billion which it owes to a clutch of lenders. The hearing at insolvency court is expected to be held on June 20 after an appeal by two of its creditors, Shaman Wheels and Gagar Enterprises, to recover their dues. In spite of being the country’s second largest carrier before the ongoing crisis, the airline came under financial stress due to untoward expansion plans leading to debt, coupled with increase in fuel and other operational costs. Saving private Jet Lenders had been known to try various methods like giving an ultimatum to possible bidders like Hindujas and Etihad to close a deal. These talks were known to hit a roadblock after <a href="https://www.businesstoday.in/markets/company-stock/jet-airways-share-price-falls-hinduja-etihad--airways-ailing-airline/story/355087.html">business group Hindujas</a> reportedly sought tough conditions for investment. Yet another option was to sell the ‘Jet Airways’ brand to an interested investor. Another plan up the sleeve of the lenders was to take a substantial haircut on their loan, is to pay up and take charge of Jet’s aircraft. This plan was however low on their agenda for the lenders had been hoping that the shuttered company does not go down, taking their money with it. SEE ALSO: <a href="https://www.businessinsider.in/indigo-spicejet-and-goair-airfares-soar-despite-empty-seats/articleshow/69684642.cms" data-type="tilCustomLink" target="_blank">Indian airlines have more empty seats these days but their profits are soaring like never before-- and no one seems to care</a>

Jet Airways is headed to bankruptcy court as bankers fail to find a buyer

<ul><li>Shares of <keyword id="6358200" type="General" weightage="20" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> (India) were locked in a 5% upper circuit at ₹90.30 on Friday on news that the airline is in talks with Boeing Co and Airbus SE for an order worth $12 billion.</li><li>The airline, which has been grounded since 2019, is expected to resume its operations in the first quarter of FY23.</li><li>The new owners Jalan-Kalrock consortium's resolution plan for Jet was approved by a bankruptcy court in June.</li></ul>Shares of Jet Airways (India) are in the spotlight as the stock is locked in a 5% upper circuit at ₹90.30, on December 3, on news that the airline is in talks with aircraft manufacturers Boeing Co and Airbus SE for an order worth $12 billion. BloombergQuint reported that new owners -- Murari Lal Jalan and Kalrock -- said it could buy at least 100 narrow-body aircraft. The group is set to invest about $200 million through equity and debt in Jet over the next six months, said the media firm in a tweet. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> The airline has been through a lot of turbulence in the last couple of years and is now in the news for resuming its operations by adding new aircraft. Jet Airways went to bankruptcy court after being grounded in April 2019. Later in June 2021 new owners -- UK-based Kalrock Capital Partners and UAE-based businessman Murari Lal Jalan -- took over the defunct airline. Now the airline is expected to resume its domestic flights in the first quarter of the next financial year that starts from April 1, 2022. <div type="image" title="jet air" height="900" width="1200" msid="88067635" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/poor-demand-for-star-healths-ipo-forces-investment-bankers-to-cut-down-on-promoter-offerings/articleshow/88065207.cms">Poor demand for Star Health’s IPO forces investment bankers to cut down on promoter offerings; GMP at ₹10 discount</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/no-crypto-ban-in-india-sebi-will-reportedly-be-pulled-in-to-regulate-the-sector/articleshow/88065166.cms">No crypto ban in India — SEBI will reportedly be pulled in to regulate the sector</a>

Jet Airways stock flies on news that the airline is in talks to buy 100 aircraft ahead of its comeback

<ul><li>The National Company Law Tribunal admitted plea State Bank of India's (SBI) plea against Jet Airways. </li><li>SBI and 26 lenders filed a case against Jet as per Insolvency and Bankruptcy Code (IBC). </li><li>With a debt of over ₹85 billion, Jet was declared bankrupt by a court in The Netherlands. </li></ul>The bankruptcy proceedings of Jet Airways have started as National Company Law Tribunal (NCLT) admitted the plea of its largest lender, State Bank of India (SBI) on Thursday. A two-judge bench which heard the case of SBI and 26 other lenders, also directed an interim resolution professional to resolve the matter within three months. In anticipation of a possible resolution to the airline’s crisis which was grounded in April 17, the stock of the company rallied today. It went up by 120% at one point, hitting the upper circuit. As the markets closed, <a href="https://www.businessinsider.in/jet-airways-stock-springs-a-surprise-gains-by-66/articleshow/69872150.cms" data-type="tilCustomLink" target="_blank">it ended 93% higher</a> than the closing price a day before. The Bombay Stock Exchange sought a clarification from the company on the price increase. Earlier this week, the lenders of the bank including State Bank of India, met to find a possible solution to stop it from going bankrupt. But they could find <a href="https://www.businessinsider.in/jet-airways-is-headed-to-bankruptcy-court-as-bankers-fail-to-find-a-buyer/articleshow/69826885.cms">no viable option</a>, leading it to National Company Law Tribunal (NCLT). Jet Airways has been in debt of as much as ₹85 billion, due to making bets on expansion as competition in the aviation sector heightened. The increased costs of running an airline like aviation turbine fuel (ATF) also went up, deepening the crisis at the debt-ridden company. After the company went belly up, two of its creditors, Shaman Wheels and Gagar Enterprises moved approached the insolvency court, to recover their dues. In the meanwhile, the airline also owes salaries to its pilots and other staff and The National Aviators Guild has sent a notice demanding the same. The guild also threatened to join insolvency proceedings if they fail to pay up. The airline however has been declared bankrupt in Netherlands by a court, where it owes money to two of its service providers. Rocco Mulder has been appointed as the administrator in the bankruptcy proceedings in the case told<a href="https://www.business-standard.com/article/current-affairs/nclt-to-hear-grounded-jet-airways-insolvency-plea-on-wednesday-119061801141_1.html"> Business Standard</a> that “the opening of insolvency proceedings in the Netherlands has universal effect”. SEE ALSO: <a href="https://www.businessinsider.in/jet-airways-stock-springs-a-surprise-gains-by-66/articleshow/69872150.cms" data-type="tilCustomLink" target="_blank">Jet Airways stock nearly doubled in a day as the rumour mill in the market goes berserk</a> <a href="https://www.businessinsider.in/markets/india-latest-market-udpate-research-shows-top-losers-mid-and-small-cap-stocks-have-lost-2-4-trillion-in-one-year/articleshow/69868683.cms" data-type="tilCustomLink" target="_blank">Watching the Sensex can be misleading-- India's mid and small cap stocks have lost ₹2.4 trillion of investor wealth this year alone</a>

It’s official-- Jet Airways is bankrupt, declares a Indian court on the same day the share price jumped 93%

<ul><li>As of Thursday afternoon, its share prices saw an uptick of 5% to ₹22.60. </li><li><keyword id="6358200" type="ORGANIZATION" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> is the first company to undergo Cross Border Insolvency Protocol. </li><li>In April 2019, the company had decided to suspend all flights grounding over 110 aircrafts. </li></ul>Once one of India’s leading airlines Jet Airways has been dysfunctional for over six months now. Yet on a sleepy Thursday afternoon, its share prices went up by 5% to ₹22.6. The uptick in its shares came in right after the announcement came in on October 18 that the company would be the first to undergo insolvency proceedings under the Cross Border Insolvency Protocol along with the Insolvency and Bankruptcy Code (IBC) of India. The debt-ridden Jet Airways is also facing insolvency proceedings in The Netherlands too. It was declared bankrupt in the country after it failed to pay two European creditors. The Dutch court subsequently appointed a bankruptcy administrator, reported IANS. While the reason for the jump in share price can’t be determined, regulatory lawyer Sumit Agarwal said that there is absolutely no bar for someone to sell or buy the stock even when the company is in insolvency. “Equity shareholder can always buy or sell the stock on the stock exchange. The entire purpose of listing itself is to get the value of the company. There maybe some shareholders who believe that the company is before the NCLT and under the resolution plan, that will be far better than the management. While some may feel that the company is going down, they will sell the shares,” said Agarwal. The bankrupt airline has also been struggling to find a buyer. In April 2019, the company had decided to suspend all flights grounding over 110 aircrafts.

Jet Airways stock is suddenly up by 5%, even though the company has been shut for six months now

<ul><li>Jet’s employee consortium and UK-based AdiGroup are bidding for 75% stake in the grounded airline, says IANS. </li><li>Employees were also <a href="https://www.indiatoday.in/india/story/jet-airways-crisis-nclt-appointed-team-not-in-favour-of-employee-demands-1557591-2019-06-27">worried that their interests </a>will not be safeguarded during the bankruptcy proceedings. </li></ul>Jet Airways’ employees are saving their jobs along with their company, as have joined hands with an investor to bid for the grounded airline. Jet’s employee consortium and UK-based AdiGroup are bidding for 75% stake in the grounded airline, says IANS. AdiGroup is a global management and investment advisory firm based in London. It is headed by Sanjay Vishwanathan who had earlier in May showed interest in bidding for Jet. Employees who have been venting their anger against Jet’s largest lender State Bank of India for refusing to extend a credit line, were also <a href="https://www.indiatoday.in/india/story/jet-airways-crisis-nclt-appointed-team-not-in-favour-of-employee-demands-1557591-2019-06-27">worried that their interests </a>will not be safeguarded during the bankruptcy proceedings. Jet’s employees have been crusading for the cause of their company ever since it was grounded. Two days after it was grounded, a few employees had written a letter to the chairman of SBI claiming that they can arrange funding of up to Rs ₹70 billion, over a period of time. Jet Airways was declared bankrupt on June 20, as lenders could not find a viable bid. This is the first good news that the grounded airline had received since it was grounded in April. This was after many attempts to stitch a deal between Jet’s existing investor Etihad and Mumbai-based Hinduja group which too had showed interest in the airline. However, their bid had many conditions and hence could not go through. Jet Airways has been in debt of as much as ₹85 billion, after it made unwise bets expanding the company even as competition heightened in the aviation sector with the entry of new players. The increasing costs of aviation turbine fuel and other operational costs too weighed heavy on the company, making it borrow more and more, deepening its crisis. Jet Airways’ stock fell by almost 5% in today’s trade to ₹67 per share. As of today, the market capitalization of the company was at ₹7.6 billion, after the stock was hammered for months. See also: <a href="https://www.businessinsider.in/business/employees-are-buying-out-promoters-of-sick-companies-in-india/articleshow/69975807.cms">Some employees in India are stepping up with investments to save the company and their jobs</a> <a href="https://www.businessinsider.in/business/jeet-airways-declared-bankrupt-by-nclt-after-share-price-jumps-93/articleshow/69878191.cms">It’s official-- Jet Airways is bankrupt, declares a Indian court on the same day the share price jumped 93%</a>

Jet Airways' employees will bid for 75% stake in the airline along with London-based AdiGroup

<ul><li><keyword id="8555" type="CITY" weightage="20" keywordseo="Tata">Tata</keyword> Sons, which is the joint owner of <keyword id="2467342" type="COMPANY" weightage="20" keywordseo="Vistara">Vistara</keyword> with <keyword id="6368386" type="COMPANY" weightage="20" keywordseo="singapore-airlines">Singapore Airlines</keyword>, is in talks to purchase a controlling stake in struggling carrier <keyword id="6358200" type="DOMAIN" weightage="20" keywordseo="jet-airways">Jet Airways</keyword>. </li><li>The Indian conglomerate is reported to be mulling an all-stock merger between SIA Airlines, the parent company of Vistara, and Jet Airways. </li><li>However, the deal is contingent on the majority owner of Jet Airways, <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword>, relinquishing control of the airline. </li><li>The chairman of Tata Sons, N. Chandrasekaran, will reportedly make a case for the Jet Airways deal to the rest of the conglomerate’s managing board today. </li></ul> India’s media outlets have been rife in recent days with news that Tata Sons, one of the country’s largest conglomerates and joint owner of Vistara with Singapore Airlines, is in talks to purchase a controlling stake in <a href="https://www.businessinsider.in/jet-airways-has-a-plan-to-stave-off-a-potential-bankruptcy/articleshow/65992075.cms">struggling carrier Jet Airways</a>. If successful, the combined entity will be one India’s largest airlines, giving Tata Sons a firmer grasp of the country’s aviation sector. In fact, Tata Sons is reported to be mulling an all-stock merger between SIA Airlines, the parent company of Vistara, and Jet Airways as <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/tata-sia-airlines-eyes-all-stock-merger-of-vistara-with-jet-airways/articleshow/66628400.cms">the potential first step </a>to a two-part transaction, according to the Economic Times. This leg of the deal will likely involve a share swap. The second part of the deal, however, is where it gets tricky for Jet Airways. Tata Sons wants Naresh Goyal, the promoter of Jet Airways, to relinquish his control of the company and possibly <a href="https://www.business-standard.com/article/companies/tata-sons-jet-airways-deal-only-if-naresh-goyal-gives-up-board-seat-118111501545_1.html">give up his board seat</a>. As a result, the second step could involve a complete buyout of Goyal’s stake in the combined entity by Singapore Airlines. The impetus is clear. Rather than giving Goyal a fresh round of funds to do as he pleases, Tata Sons wants the ability to implement strict cost control and restructuring measures at the airline. Goyal isn’t expected to cash out easily, but if that’s the only hurdle preventing a rescue of Jet Airways, it may be the most prudent thing to do. The most plausible scenario will see him and his partner in Jet Airways, Etihad Airlines, end up with a minority stake. The Goyal family currently holds a 51% stake in the airline while Etihad has a 24% share. The deal has its pros and cons for Tata Sons. By gaining access to Jet’s fleet of aircraft, national and international routes, flight facilities and landing licenses, Tata Sons will become a bigger force to reckon with in the industry. Vistara, on the other hand, will benefit from the added heft of a number of cross-country routes. However, Jet is dangerously close to insolvency. Not only will Tata Sons have to take responsibility for Jet’s debts and, but it will also have to pump a significant amount of capital to turn around the troubled airline. Wide support It seems that India’s capital markets are in mood to cheer the deal. Jet Airways’ shares on the National Stock Exchange (NSE) rose by <a href="https://www.google.co.in/search?q=jet+airways+share+price&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=jet+airways+share+price&amp;aqs=chrome.0.0l6.4874j0j7&amp;sourceid=chrome&amp;ie=UTF-8">27% </a>on 15 November as reports surfaced that Tata Sons was conducting due diligence on Jet Airways came to light. In addition, the Indian government is also said to be in favour of the deal. In fact, according to a <a href="https://www.bloombergquint.com/global-economics/tata-said-to-have-been-asked-by-modi-to-explore-buying-jet-stake#gs.MEU1Mas">Bloomberg report</a>, the Narendra Modi administration urged Tata Sons to consider the deal, and possibly add a sweetener in the form of a haircut on Jet Airways’ loans to state-run banks. It is no secret that India’s aviation sector is in <a href="https://www.businessinsider.in/indias-largest-passenger-airline-just-posted-its-first-ever-quarterly-loss-since-going-public-and-its-results-reflect-the-larger-woes-of-the-countrys-aviation-sector/articleshow/66362156.cms">the doldrums</a> owing to the recent surge in fuel prices, and the government doesn’t want to risk the failure of a large airline as it heads into election year. The chairman of Tata Sons, N. Chandrasekaran, will reportedly<a href="https://www.livemint.com/Companies/ldbWRm3h3FgNEpCBns9ntL/Tata-Sons-chairman-to-pitch-to-board-on-plan-to-buy-Jet-Airw.html"> make a case for the Jet Airways deal</a> to the rest of the conglomerate’s managing board on Friday. The theme of his pitch will be clear. The deal will catapult Vistara from a small carrier operating on popular routes to one of the country’s largest airlines. SEE ALSO: <a href="https://www.businessinsider.in/indias-largest-passenger-airline-just-posted-its-first-ever-quarterly-loss-since-going-public-and-its-results-reflect-the-larger-woes-of-the-countrys-aviation-sector/articleshow/66362156.cms">India’s largest passenger airline just posted its first ever quarterly loss since going public — and its results reflect the larger woes of the country’s aviation sector</a> <a href="https://www.businessinsider.in/jet-airways-has-a-plan-to-stave-off-a-potential-bankruptcy/articleshow/65992075.cms">Jet Airways has a plan to stave off a potential bankruptcy</a> <a href="https://www.businessinsider.in/the-indian-government-is-planning-a-rescue-package-for-the-aviation-sector-as-the-losses-pile-up/articleshow/65681289.cms">The Indian government is planning a rescue package for the aviation sector as the losses pile up</a>

Indian conglomerate Tata is in talks to buy out troubled carrier Jet Airways in a deal that  could create one of the country's largest airlines

Carrier <keyword id="6358200" type="General" weightage="100" keywordseo="jet-airways" source="Orion">Jet Airways</keyword> is on shaky ground and its shares declined more than 15 per cent in three days, revealed stock exchange <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> on Wednesday. Many developments, pertaining to the airline, have occurred in a span of 1-2 weeks. According to reports, the aviation security agency BCAS on Wednesday withdrew the accreditation given to Jet Airways' aviation security training facilities while last Monday, the airline temporarily cut the salaries of some staff by up to 50 per cent and some were sent on leave without pay. In five days, the shares of the airline, which is currently at Rs 65.55 apiece, went down by almost 18 per cent while its shares declined 30.74 per cent in the past month. Its shares had been dropping by 45.01 per cent in the past six months. Adding one more hurdle to the headwinds, the aviation security agency Bureau of Civil Aviation Security (BCAS) has withdrawn the accreditation given to Jet Airways' aviation security training facilities amid continuing uncertainty over the recommencement of the airline's operations, "The competent authority has revoked the accreditation granted to both the Aviation Security Training Institutes (ASTIs) of <keyword id="15595241" type="General" weightage="50" keywordseo="jet-airways-at" source="Orion">Jet Airways at</keyword> <keyword id="11900977" type="General" weightage="50" keywordseo="gurugram" source="Orion">Gurugram</keyword> and Mumbai. The airline may apply afresh for approval of its ASTIs as and when it is ready for inspection...," BCAS said in a communication. According to reports, the Jalan Kalrock consortium has emerged as the winning bidder for the bankrupt airline through an insolvency resolution process. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/bajaj-pulsar-p150-with-an-air-cooled-engine-launched-at-1-17-lakh/slidelist/95709491.cms">Bajaj Pulsar P150 with an air-cooled engine launched at ₹1.17 lakh</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vocal-for-local-online-commerce-unicorn-meesho-joins-ondc-to-aid-local-sellers/articleshow/95704818.cms">Vocal for local: Online commerce unicorn Meesho joins ONDC to aid local sellers</a>

Jet Airways' shares decline 15% in 3 days as headwinds gather

<ul><li>Jet Airways <keyword id="178658" type="POSITION" weightage="20" keywordseo="former-ceo">former CEO</keyword> Steve Forte advises banks against <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword>'s offer. </li><li>Goyal's offer to invest additional₹ 700 crore to retain at least 25% stake. </li><li>Etihad offered a price 46% below Friday's (January 18) closing price and sought to oust Goyal.</li></ul> India’s oldest private airline, Jet Airways, is on the brink of a collapse, and there is a bitter battle for control underway between the two partners that own the company that has already defaulted on its debt. Steve Forte, the man who led Jet Airways for a couple of years until 2002, has a point to make about what is unfolding at the airline. “If Mr. Goyal's offer is accepted by the banks then nothing will change and the downward spiraling of Jet Airways will continue. The airline will burn through the new cash infusion just like it did with the initial infusion from Etihad and any other loans it received,” he <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/a-jet-etihad-deal-wont-comfort-many-investors/articleshow/67615614.cms">told</a> the Economic Times (ET). Naresh Goyal has offered to invest up to ₹700 crore in the cash-strapped airline and sought to retain at least a 25% stake in the company. “Given Jet's outstanding debt (over ₹8,000 crore),₹700 crore from Mr. Goyal is a drop in the bucket,” according to Forte. In 2013, Etihad <a href="https://www.livemint.com/Companies/zY6HS6C2FeFMOncS2WeRML/Jet-AirwaysEithad-deal-may-finally-be-cleared-by-board.html" data-type="tilCustomLink" target="_blank">invested</a> more than ₹2,000 crore for a 24% stake in Jet at a considerable premium to its market value, arranged soft loans for the Indian airline, and paid its bills, ET reported. Naresh Goyal, the founding Chairman, remained at the helm and five years hence, the airline Not surprisingly, Etihad is bargaining hard this time. Reports suggest the Abu Dhabi-based partner has only offered to increase its stake in the cash-strapped airline by buying shares at only <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/etihad-ceo-sets-tough-new-terms-for-jet-airways-bailout/articleshow/67551913.cms">₹150 a share</a>- a 46% discount to Jet’s current share price - and demanded the complete exit of owner Naresh Goyal and his family as well as the right to appoint a CEO. Meanwhile, Indian banks find themselves between a rock and a hard place. Aside from its concerns about Goyal’s leadership, Etihad will find it difficult to increase its bid for Jet, despite the potential of the Indian market, because of its own financial stress as well as the restrictions on foreign ownership of airlines in India. The anxiety will as much for the investors holding the shares of Jet Airways as the boardroom battle plays out. The stock has nearly 65% of its value in the last one year. See also: <a href="https://www.businessinsider.in/jet-airways-revival-delayed-by-etihads-hard-bargain/articleshow/67567581.cms">Jet Airways’ revival delayed by Etihad’s hard bargain</a> <a href="https://www.businessinsider.in/lenders-plan-to-keep-jet-airways-afloat-may-put-etihad-in-the-cockpit/articleshow/67451283.cms">Lenders’ plan to keep Jet Airways' afloat may put Etihad in the cockpit</a>

A former Jet Airways insider says Naresh Goyal cannot run the airline

<ul><li>Two Boeing 737 Max flights have crashed since October 2018. </li><li>Cayman Airways has suspended the use of its new Boeing 737 Max flights. </li><li>Chinese authorities too have already grounded all domestic planes of the same model. </li><li>India’s aviation regulator has sought information from airlines that operate Boeing 737 Max flights.</li></ul>The tragic crash of the Ethiopian Airlines — headed from Addis Ababa to Nairobi-- that killed 157 passengers has put the spotlight on Boeing 737 Max flights. Airlines and regulators across the world have raised caution on the safety of these planes. Cayman Airways has suspended the use of its new Boeing 737 Max aircraft and China’s Civil Aviation Administration has asked its domestic airlines to temporarily ground all flights of the same model. Similar pressure may mount on two Indian airlines—Jet Airways and SpiceJet. Jet Airways <a href="https://www.jetairways.com/en/in/jetexperience/fleet-information.aspx">has</a> five Boeing 737 Max 8 flights in its fleet and SpiceJet <a href="https://www.spicejet.com/Fleet.aspx">has</a> 13. “India's aviation watchdog DGCA is expected to examine concerns about the use of Boeing 737 MAX 8 aircraft after the Ethiopian Airlines crash on Sunday,” PTI <a href="https://www.ndtv.com/india-news/ethiopian-airlines-crash-jet-spicejet-to-be-asked-for-info-on-boeing-737-max-model-after-ethiopia-cr-2005681">reported</a> citing a senior aviation ministry official on March 11 (Monday). This may be an added blow for Jet, whose 49 out of a fleet of 119 planes have already been <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/fcc1aedb-bf94-4e4a-af89-bb9090dd0746.pdf">grounded</a> after unpaid lessors decide to cut their losses. It may be an equally big blow for SpiceJet as 13 of its fleet are Boeing 737 Max flights. The concerns around safety of the aircraft may keep passengers away, even as regulators investigate the risks of letting these planes fly. The Ethiopian Airlines jet had been in service for only four months and had no known technical issues, Tewolde GebreMariam, the airline's chief executive, <a href="https://www.nbcnews.com/news/world/jet-ethiopian-airlines-crash-same-model-went-down-indonesia-n981596">told</a> NBC. The Lion Air crash in Indonesia in October 2018 was also a Boeing 737 Max and it crashed into the sea shortly after takeoff from Jakarta. The Lion Air plane was in use a little over two months. SEE ALSO: <a href="https://www.businessinsider.com/ethiopian-airline-flight-to-nairobi-crashes-passengers-2019-3">Another Boeing 737MAX has crashed leaving no survivors. This time it was flying with Ethiopian Airlines.</a> <a href="https://www.businessinsider.in/pnb-gives-jet-emergency-loan-of-20-5-billion-rupees-as-resolution-talks-continue/articleshow/68352446.cms">Punjab National Bank Has Reportedly Given Jet A ₹20.5 Billion Lifeline To Keep It Airborne</a>

13 of SpiceJet and five of Jet Airways’ fleet are Boeing 737 Max flights— 
and they risk being grounded after the Ethiopian Airlines crash

<ul><li>A group of banks led by SBI are expected to take the largest stake in the airline. </li><li><keyword id="6437601" type="ORGANIZATION" weightage="20" keywordseo="etihad">Etihad</keyword> seems reluctant to take control of the airline, after offering to buy additional shares at a very low price. </li><li>Either way, the airline’s owner <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword> is set to lose his majority stake.</li></ul>The probability of <keyword id="6358200" type="COMPANY" weightage="20" keywordseo="jet-airways">Jet Airways</keyword> being taken over by a group of creditors, led by <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), looks more and more likely as discussions between the various stakeholders reach their final stages. The news comes amid reports that Etihad only offered to increase its stake in the cash-strapped airline by buying shares at only <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/etihad-ceo-sets-tough-new-terms-for-jet-airways-bailout/articleshow/67551913.cms">₹150 a share</a>- a 42% discount to Jet’s current share price - and demanded the complete exit of owner Naresh Goyal and his family as well as the right to appoint a CEO. In a <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/1eef5571-1726-4c3d-86ac-2b3c59799340.pdf">stock exchange filing</a> yesterday, Jet rubbished the reports and reiterated that <a href="https://www.businessinsider.in/lenders-plan-to-keep-jet-airways-afloat-may-put-etihad-in-the-cockpit/articleshow/67451283.cms">its restructuring plan </a>was fully underway. However, as Etihad drives a hard bargain, it seems more likely than not that Jet Airways’ creditors will be forced to become the airline’s largest shareholders after converting their debt into equity. In fact, sources <a href="https://www.business-standard.com/article/companies/sbi-led-consortium-of-lenders-likely-to-bag-biggest-stake-in-jet-airways-119011700070_1.html">told Business Standard</a> that the SBI-led consortium of banks would end up with a 40% stake in the airline, while Etihad would only raise its 24% stake by a few percentage points. The move will effectively push Naresh Goyal out of the driver’s seat by halving his 51% holding. WIth the changes in ownership, the composition of the airline’s board of directors will also change, with several banking executives taking seats to oversee the resolution plan. While Goyal will lost his majority holding, a complete exit seems unlikely. He has reportedly offered to pump in ₹7 billion of his own cash into the airline on the condition that he retains at least a 25% shareholding, according to a letter he wrote to SBI Chairman Rajnish Kumat that was seen by the Press Trust of India. The proposed bailout of Jet Airways by the very banks that it owes money to follows the completion of a forensic audit of the airline’s debts and unreleased financial accounts. The audit, which was undertaken by Ernst and Young, a consultancy, reportedly <a href="https://www.business-standard.com/article/companies/lenders-to-bail-out-debt-laden-jet-airways-after-forensic-clean-chit-119011500040_1.html">failed to show</a> any financial malfeasance or diversion of funds at the airline, just shoddy management. Jet Airways has around ₹17 billion of debts to banks other than its domestic creditors maturing by the end of March 2019. If it is to pay back those loans, the restructuring plan - which includes a capital infusion by Etihad and Jet - will have to be kickstarted as soon as possible. SEE ALSO: <a href="https://www.businessinsider.in/lenders-plan-to-keep-jet-airways-afloat-may-put-etihad-in-the-cockpit/articleshow/67451283.cms">Lenders’ plan to keep Jet Airways' afloat may put Etihad in the cockpit </a> <a href="https://www.businessinsider.in/jet-airways-misses-a-loan-repayment-and-gets-downgraded-again-further-compromising-owner-naresh-goyals-plans-to-retain-control-of-the-airline/articleshow/67361859.cms">Jet Airways misses a loan repayment and gets downgraded again, further compromising owner Naresh Goyal’s plans to retain control of the airline</a>

You Searched For "jet airways share" and got 12 results

This defunct airline’s stock has grown four times in just over 4 months — here's why

Navdeep Yadav

Jet Airways shares slump over 17% as investors get anxious before the last word from bankers

Katya Naidu

Jet Airways is headed to bankruptcy court as bankers fail to find a buyer

Katya Naidu

Jet Airways stock flies on news that the airline is in talks to buy 100 aircraft ahead of its comeback

Bhakti Makwana

It’s official-- Jet Airways is bankrupt, declares a Indian court on the same day the share price jumped 93%

Katya Naidu

Jet Airways stock is suddenly up by 5%, even though the company has been shut for six months now

Sanchita Dash

Jet Airways' employees will bid for 75% stake in the airline along with London-based AdiGroup

Katya

Preeti

Indian conglomerate Tata is in talks to buy out troubled carrier Jet Airways in a deal that could create one of the country's largest airlines

Dilsher Dhillon

Jet Airways' shares decline 15% in 3 days as headwinds gather

ANI

A former Jet Airways insider says Naresh Goyal cannot run the airline

Sriram Iyer

13 of SpiceJet and five of Jet Airways’ fleet are Boeing 737 Max flights— and they risk being grounded after the Ethiopian Airlines crash

Sriram Iyer

Jet Airways’ revival delayed by Etihad’s hard bargain

Dilsher Dhillon

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