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<keyword id="19987725" type="General" weightage="100" keywordseo="SpiceJet" source="keywords" meta.keywordsubtype="org" meta.entityname="SpiceJet" meta.hostid="261" meta.entityid="SpiceJet">SpiceJet</keyword>'s Chairman, <keyword id="19916067" type="General" weightage="20" keywordseo="Ajay-Singh" source="keywords">Ajay Singh</keyword>, is considering selling over 10 percent of his stake in the airline as part of a crucial <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> effort set to conclude by the end of September, a PTI report says. The <keyword id="20376051" type="General" weightage="20" keywordseo="budget-airline" source="keywords">budget airline</keyword> is facing significant hurdles, including financial troubles, legal issues, and grounded aircraft, and is in urgent need of capital to meet its obligations. A source told PTI that Singh may sell as much as 15 percent of his stake, depending on market conditions. Another source told the news aggregator that Singh, who serves as both Chairman and Managing Director, will likely sell around 10 percent of his shares, though the amount could increase if necessary. SpiceJet is currently in talks with investors, both in India and abroad, for a Qualified Institutional Placement (QIP), with commitments already made for up to Rs 2,000 crore. These funds are expected to help the airline cover operational expenses and address its various liabilities. While no official statement has been made by SpiceJet, insiders expect the funding round to be wrapped up by the end of September. As of June 2024, Ajay Singh and the promoter group held just over 47% of the airline, according to data from the Bombay Stock Exchange (BSE). SpiceJet, which once had a fleet of 74 aircraft in 2019, now operates only around 20 planes. In a recent investor presentation, the airline announced plans to raise Rs 3,200 crore through QIP, warrants, and capital infusion by Singh. This cash will be used to bring grounded planes back into service, settle liabilities, acquire new aircraft, and cover other general expenses. The airline aims to secure Rs 2,500 crore through QIP and an additional Rs 736 crore from previously issued warrants and funds infused by Singh, as detailed in the presentation. Earlier this year, in January, SpiceJet raised Rs 1,060 crore through preferential issues, falling short of its initial goal of Rs 2,250 crore set in December 2023.

SpiceJet’s Ajay Singh might sell stake to raise funds for airline

<ul class="summary-list"><li>Budget airlines like Spirit, Frontier, and Southwest are struggling to turn a profit.</li><li>Low-cost veteran David Neeleman told BI that Spirit and Frontier should merge to survive.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/the-end-of-budget-airlines-southwest-jetblue-frontier-spirit-2024-7">Budget airlines are starting to look very different</a> from their traditional no-frills roots. High costs, razor-thin margins, and an evolving travel market have forced them to switch gears.<a target="_blank" class="" href="https://www.businessinsider.com/what-its-like-to-fly-on-jetblue-founder-david-neelemans-breeze-airways-2021-5">Low-cost airline veteran David Neeleman</a> — founder of five budget carriers since 1984, including JetBlue — told Business Insider that some of these struggling airlines have failed to adapt to a changing industry, especially in the uneven post-pandemic recovery. <div type="image" title="Breeze Airways Inaugural Flight David Neeleman" height="1666" width="2500" msid="114786736" hostid="261" sizebytes="253512"></div>He suggested Spirit and Frontier, which haven't turned profits since 2019, should merge their businesses like Alaska Airlines and Hawaiian Airlines did earlier this year. That is, if they can get it past federal regulators. In January 2024, a judge blocked<a target="_blank" class="" href="https://www.businessinsider.com/jetblue-spirit-merger-deal-blocked-by-federal-judge-2024-1"> JetBlue's $3.8 billion deal to buy Spirit</a>."I think there is a place for [ultra low-cost carriers] in the market, but Spirit and Frontier had overlapped routes, so they were competing with everyone else and each other," Neeleman said in an interview. "I think if they stop competing with each other, they could carve out a niche, though it won't grow at the same rate as before."<a target="_blank" class="" href="https://www.wsj.com/business/airlines/frontier-spirit-airlines-revive-merger-talks-a7ee5912">The Wall Street Journal</a> reported in October that Frontier was considering another offer to buy Spirit in a deal that's been on-and-off for years. Frontier CEO Barry Biffle declined to comment on the story during the company's earnings call on Tuesday.Neeleman also said that Southwest, Spirit, and Frontier could benefit from <a target="_blank" class="" href="https://www.businessinsider.com/southwest-airlines-new-premium-seats-economy-class-less-space-2024-9">adopting new money-making strategies</a>, like bundling fares, offering more premium seats, and flying fewer traffic-heavy routes. That's something <a target="_blank" class="" href="https://www.businessinsider.com/southwest-airlines-call-for-changes-new-leadership-ceo-elliott-management-2024-6">Southwest plans to begin in 2025</a> as part of a turnaround plan spurred by an activist investor."They're already starting to do some of this," he said. "Instead of just nickel and diming, airlines like Spirit and Frontier are doing more bundling, which is in line with what we at Breeze do, and we've found success."The still-in-service airlines Neeleman founded, like JetBlue Airways, Azul Brazilian Airlines, Canada's WestJet, and <a target="_blank" class="" href="https://www.businessinsider.com/flying-on-david-neelemans-breeze-airways-nothing-like-jetblue-2021-7">Breeze Airways</a>, largely follow this idea. Neeleman is no longer a part of JetBlue or WestJet but is chief of Breeze and is Azul's board chair.JetBlue Airways, for example, now <a target="_blank" class="" href="https://www.businessinsider.com/jetblue-mint-business-class-apartment-studio-jfk-edinburgh-scotland-2024-5">offers lie-flat business class</a> and free WiFi. <a target="_blank" class="" href="https://www.businessinsider.com/flying-on-breezes-swanky-new-a220-aircraft-first-class-review-2022-6">Breeze has domestic first-class and reclining coach seats</a>.Historically, these strategies have been absent from the likes of Spirit, Frontier, and Southwest, which have stuck to all-economy aircraft with little choice. Mainline carriers, hoping to keep up with their growth, flooded the market with heavily discounted basic economy fares in hopes of poaching customers willing to pay more for an assigned seat or more room. "Basic economy outran the supply, but there are people that will pay up for an upgraded experience, and that's what ULCCs are trying to modify," Neeleman said. United CEO Scott Kirby also commented on the upsell trend in June, saying <a target="_blank" href="https://www.businessinsider.com/united-ceo-low-cost-carriers-frontier-spirit-flawed-business-model-2024-6">low-cost airlines are "going out of business"</a> because flyers favor experience over ticket price.<h2 id="42de20ce-2cb1-4ce1-b8ee-491ba0df8099">Southwest should lean into change</h2>Southwest has the opposite problem, Neeleman said. The airline has a good cabin product, but instead of charging for individual add-ons, he said, <a target="_blank" class="" href="https://www.businessinsider.com/southwest-airlines-changes-turnaround-plan-assigned-seats-routes-bags-2024-9">it included everything.</a>"Someone flying with just a backpack going to see their girlfriend doesn't need two checked bags but had to take the full checked bag fare — Southwest didn't give them a choice," he said. "I think people just want choice."<div type="image" title="Southwest Airlines." height="768" width="1024" msid="114786729" hostid="261" sizebytes="52040"></div>Neeleman sold his first carrier, Morris Air, to Southwest in 1993, in what he says was a <a target="_blank" class="" href="https://www.businessinsider.com/southwest-airlines-history-2021-8">"different era" in which the airline</a> differentiated itself with an unconventional culture and product.Now, Southwest is on the right path as it responds to pressure from the activist firm to adapt to modern times, he said. Starting in 2026, <a target="_blank" class="" href="https://www.businessinsider.com/southwest-is-getting-rid-of-open-seating-on-all-flights-2024-7">Southwest plans to assign seats</a>, something it said 80% of its customers prefer.Analysts say the move could bring in more business travelers who don't want to fight for a seat.<h2 id="a653a653-ef1c-4e65-a079-232ebac03a11">Low-cost airlines should continue to ditch barebones planes</h2>Southwest shouldn't be the only one to move away from historical norms.Neeleman said Frontier and Spirit must continue adjusting their business models to earn revenue and offset high operating costs.In July, <a target="_blank" class="" href="https://www.businessinsider.com/spirit-airlines-ticket-changes-bundled-fares-bags-snacks-premium-seats-2024-7">Spirit announced new bundling options</a> and said it would eliminate some fees to target more premium customers. More recently, it announced plans in October to <a target="_blank" class="" href="https://www.businessinsider.com/spirit-airlines-unveils-cost-cutting-measures-amid-bankruptcy-reports-2024-10">sell about $500 million worth of Airbus jets</a> to cut costs and bring in cash. Shares rose about 12% after the announcement but are still down roughly 84% year-to-date.<div type="image" title="Spirit's biggest plane is the A321neo." height="2883" width="4324" msid="114786738" hostid="261" sizebytes="305220"></div>"The problem Spirit has is they kept getting bigger airplanes, thinking if they just add more seats, there will be unlimited demand," Neeleman said. "That forced them to overlap with other carriers on already high-traveled routes. They have almost 90% overlap."He said what makes Breeze more successful is that it is the sole operator on about 85% of its routes, which <a target="_blank" class="" href="https://www.businessinsider.com/flying-breezes-a220-in-economy-would-easily-book-again-review-2022-6">focus on niche, underserved markets</a> — meaning no competition. Breeze also flies smaller aircraft, with its biggest jet hosting about 100 fewer seats than Spirit's largest, Neeleman said, making them easier to fill and profitable on routes competitors would struggle with. <a target="_blank" class="" href="https://www.businessinsider.com/frontier-airlines-a321neo-review-hard-seats-2023-10">Frontier</a>, for its part, has unveiled similar bundling and premium seating options, including a "business class" that blocks the middle seat. It is also restructuring its route <a target="_blank" class="" href="https://news.flyfrontier.com/frontier-airlines-announces-22-new-routes-launching-in-december/">map</a> to simplify its network and improve fleet utilization.Those updates can't kick in fast enough for Frontier, which <a target="_blank" class="" href="https://ir.flyfrontier.com/news-releases/news-release-details/frontier-airlines-reports-third-quarter-2024-financial-results">revealed</a> lower-than-expected earnings on Tuesday, sending its stock price down about 15%.

JetBlue founder and low-cost airline veteran explains how struggling airlines need to adapt to survive right now

<ul class="summary-list"><li><keyword id="19945948" type="General" weightage="100" keywordseo="Spirit-Airlines" source="keywords" meta.keywordsubtype="org" meta.entityname="Spirit Airlines" meta.hostid="261" meta.entityid="Spirit Airlines">Spirit Airlines</keyword> may file for Chapter 11 amid major debts after a failed merger with JetBlue.</li><li>The airline is saddled with debt of about $3.3 billion.</li></ul>Spirit Airlines stock plunged in premarket trading on Friday after a report that it may file for <keyword id="20424206" type="General" weightage="20" keywordseo="Chapter-11-bankruptcy" source="keywords">Chapter 11 bankruptcy</keyword> protection. Following a failed merger with <keyword id="20245146" type="General" weightage="20" keywordseo="JetBlue-Airways" source="keywords" meta.keywordsubtype="org" meta.entityname="JetBlue Airways" meta.hostid="261" meta.entityid="JetBlue Airways">JetBlue Airways</keyword>, Spirit had been grappling with heavy losses, making it difficult to manage its $3.3 billion debt load that includes $1.1 billion of secured bonds due within the next year, The Wall Street Journal <a target="_blank" href="https://www.wsj.com/articles/spirit-airlines-in-talks-with-bondholders-over-terms-of-potential-bankruptcy-filing-fdd23fae?st=oS9e7Q&amp;reflink=desktopwebshare_permalink">reported</a> late Thursday. The <keyword id="20376051" type="General" weightage="20" keywordseo="budget-airline" source="keywords">budget airline</keyword> is also exploring restructuring options to alleviate some of its financial pressures, though no filing is imminent, the Journal reported. The report pushed the carrier's stock down as much as 36% in premarket trade on Friday. The shares have fallen 86% this year. <keyword id="23550986" type="General" weightage="20" keywordseo="CEO-Ted-Christie" source="keywords">CEO Ted Christie</keyword> said on an August earnings call that Spirit was in talks with advisors and bondholders over its debt. While Spirit faces a turbulent future with a potential Chapter 11 filing, it isn't necessarily a death sentence for the airline. Rather, <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-score/what-is-chapter-11-bankruptcy">Chapter 11</a> allows businesses to reorganize their debts while continuing their operations. Other airlines have used the process to stay afloat. Most recently, <a target="_blank" href="https://www.businessinsider.com/scandinavian-airlines-filed-chapter-11-bankruptcy-after-pilot-strike-sas-2022-7">Scandinavian Airlines</a> filed for Chapter 11 in the US in 2022 following a pilot strike. The airline underwent a $3 billion restructuring plan to revise its fleet and raise money, while continuing to operate. The company emerged from bankruptcy in August. In 2005, <a href="https://www.businessinsider.com/companies-went-bankrupt-bounced-back-successful#delta-air-lines-filed-for-bankruptcy-in-2005-and-spent-a-year-and-a-half-restructuring-3" target="_blank">Delta Air Lines</a> filed for bankruptcy after shedding 6,000 jobs and slashing $1 billion in labor costs. By optimizing its Atlanta hub and increasing its international routes, the company recovered from its financial troubles and remains one of the <a href="https://www.businessinsider.com/best-and-worst-airlines-in-the-us-according-to-the-points-guy-2024-6" target="_blank">largest airlines</a> in the US. A potential bankruptcy filing could serve as a similar lifeline for Spirit's management of debt and finances. This came as Spirit <a target="_blank" href="https://www.businessinsider.com/spirit-airlines-ticket-changes-bundled-fares-bags-snacks-premium-seats-2024-7">bumped</a> its ticketing prices in July, shifting away from its ultra-low-cost model to boost revenue after suffering a $143 million loss in the first quarter of this year and a <a target="_blank" href="https://www.businessinsider.com/airlines-spirit-southwest-jetblue-struggle-profit-scrambling-changes-tickets-seats-2024-8">$193 million</a> loss in the second quarter. Spirit has been bogged by annual losses since before the COVID-19 pandemic, despite the travel industry's recovery, and continues to struggle against larger airlines that offer competitive fares. The airline has cut routes, furloughed pilots, and shrunk its operational capacity by nearly 20%. Spirit Airlines did not respond to a request for comment from Business Insider outside normal working hours. Correction: October 4, 2024 — An earlier version of this story misstated the year Delta filed for bankruptcy protection. It was 2005, not 2007.

Spirit Airlines stock plunges after report it's considering filing for Chapter 11 bankruptcy

<ul class="summary-list"><li>Despite booming travel, airlines are struggling to turn a profit.</li><li>Southwest expects seat-mile revenue will decline up to 4.5%, while American predicts up to 6%.</li></ul><a target="_blank" href="https://www.businessinsider.com/why-flying-is-so-terrible-even-as-airlines-spend-billions-2023-5">Making money in the airline industry</a> has never been easy.It's a capital-heavy business with the constant need to expand and innovate while simultaneously managing ever-changing demand and costs.Expensive fuel, maintenance, and labor don't help, nor do unpredictable setbacks outside the airline's control, like pandemic travel bans and production slowdowns at planemaker <a target="_blank" href="https://www.businessinsider.com/boeing-whistleblower-said-was-threatened-to-keep-quiet-about-safety-2024-4">Boeing.</a>Despite the challenging environment, 2024 is still set to see record-breaking passenger numbers, according to the International Air Transport Association, or <a target="_blank" href="https://www.iata.org/en/pressroom/2024-releases/2024-06-03-01/">IATA</a>,<a target="_blank" href="https://www.businessinsider.com/north-america-lags-rest-world-air-travel-growth-iata-2024-4">With so many people traveling, </a>US airlines were poised for success. Some, like Delta, have found it. But across the industry, many airlines are struggling to turn profits thanks to issues like overcapacity, unrelenting competition, and unexpectedly high costs, according to experts.Take Southwest, for example, which in June <a target="_blank" href="https://www.forbes.com/sites/suzannerowankelleher/2024/06/26/southwest-guidance-activist-investor/">cut its forecasts</a> and now expects revenue per seat mile — a key financial metric for airlines — to fall by up to 4.5% where it had previously expected 1.5% to 3.5%.Before that, American in May <a target="_blank" href="https://www.cnbc.com/2024/05/28/american-airlines-outlook-chief-commercial-officer.html">warned</a> it expected the same metric to fall by 5% to 6% compared to last year. Its earlier prediction was 1% to 3%.Across the board, airlines have trailed the benchmark S&amp;P 500 index with more debt than the average publicly traded company and thinner margins.<h2 id="a747f0da-bf1e-4fc3-843e-1a4c8c95b821">Airlines got overambitious with their expansion plans</h2>Travel analyst Henry Harteveldt told Business Insider that thining margins are, in part, because airlines added too much to the market too fast amid confidence in the soaring demand and now can't sell all of those seats.<div type="image" title="Passengers check in for an American Airlines flights at O'Hare International Airport on October 11, 2022 in Chicago, Illinois." height="3648" width="5472" msid="111363746" hostid="261" sizebytes="801342"></div><a target="_blank" href="https://www.reuters.com/business/aerospace-defense/american-airlines-cuts-second-quarter-profit-forecast-2024-05-28/">Reuters</a> reported American hurt its pricing power after aggressive growth in its domestic market. The airline also missed out on revenue from <a target="_blank" href="https://www.businessinsider.com/american-airlines-ceo-admits-ticket-sales-strategy-change-mistake-2024-5">corporate customers due to a flawed ticket sale strategy</a> it has since admitted was a mistake to adopt."We're seeing softness in customer bookings relative to our expectations that we believe is in part due to the changes that we have made to our sales and distribution strategy," American CEO Robert Isom <a target="_blank" href="https://seekingalpha.com/article/4696281-american-airlines-group-inc-aal-bernstein-strategic-decisions-conference-transcript">said</a> during a May conference.Southwest also <a target="_blank" href="https://otp.tools.investis.com/clients/us/southwest/SEC/sec-show.aspx?Type=html&amp;FilingId=17642687&amp;CIK=0000092380&amp;Index=10000">cited</a> its struggle to predict demand as part of its revenue problem. And, unlike <a target="_blank" href="https://www.businessinsider.com/flying-ultra-low-cost-airlines-spirit-frontier-not-worth-it-2024-6">ultra-low-cost carriers</a>, Southwest doesn't charge extra for ancillaries like bags or seats — another missed revenue opportunity.In fact, <a target="_blank" href="https://www.businessinsider.com/southwest-airlines-call-for-changes-new-leadership-ceo-elliott-management-2024-6">activist firm Elliott Investment Management recently pumped nearly $2 billion</a> into Southwest, questioning strategies like its lack of add-on fees and calling for a board shake-up and the firing of Southwest CEO Bob Jordan.<h2 id="d2a52b4a-3d28-4f0b-9efd-98139d9092e8">Business travelers are booking fewer last-minute premium-priced tickets</h2>Part of the industry's overcapacity problem is because lucrative business travel still <a target="_blank" href="https://skift.com/2024/03/14/business-travel-could-stage-a-full-pandemic-recovery-in-2024/">hasn't</a> completely rebounded since the pandemic, Harry Kraemer, former CFO and CEO of healthcare firm Baxter International, told BI.Corporations aren't spending as much on last-minute business travel since the pandemic made Zoom and Google Meet more convenient."Half of the market is gone, and it's their highest margin," Kraemer said. "You've got all this excess capacity, and you've bought these planes, so what are you going to do with them."Further, Harteveldt said companies have become more price-sensitive and are looking for cheaper options, noting ULCCs Frontier and Spirit are even getting business customers.<div type="image" title="Frontier and Spirit planes on parallel runways." height="671" width="1024" msid="111363750" hostid="261" sizebytes="66842"></div>Over the past 12 months, shares of Spirit and Frontier have declined roughly 79% and 50%, respectively, far underperforming competitors and the market.In an effort to boost revenue, they've changed their strategies to capitalize on the demand for more premium perks, such as dropping change and cancel fees and creating "business" class-like seats.<h2 id="6389725c-7fc3-4d87-b301-17d0248f2bff">Boeing delivery delays have eaten into profits</h2>Harteveldt said <a target="_blank" href="https://www.businessinsider.com/boeing-door-plug-blowout-tanked-alaska-united-airlines-earnings-2024-4">Boeing's ongoing delivery delays have cost airlines</a> like American, Southwest, and United millions of dollars. This has forced them to adjust their planned flying, impacting revenue opportunities and flight availability.He also said the lack of new planes means airlines are flying older ones for a longer time. The costs of maintenance and lesser efficiency can add up, and customers can't get access to the nicer amenities and reliability of newer jets.<div type="image" title="Boeing 737 MAX airplanes are pictured outside a Boeing factory on March 25, 2024 in Renton, Washington." height="4201" width="7000" msid="111363756" hostid="261" sizebytes="604068"></div><a target="_blank" href="https://www.businessinsider.com/avelo-tiny-low-cost-airline-expanding-new-cities-list-2024-4">Airlines need to expand with new routes</a> and planes, he said — it's the nature of the highly competitive industry.However, Harteveldt noted these forced network shake-ups, like <a target="_blank" href="https://www.businessinsider.com/southwest-leaving-these-4-airports-amid-boeing-737-max-crisis-2024-4">Southwest's exit from four airports</a>, could be beneficial for better leveraging airline pricing power, as capacity can be brought back in line with demand."The airlines should find and serve routes that are the most profitable, and that means they may need to increase capacity in some markets and completely exit others," he said.Low-cost competitor <a target="_blank" href="https://news.jetblue.com/latest-news/press-release-details/2024/JetBlue-Announces-Termination-of-Merger-Agreement-with-Spirit/default.aspx">JetBlue Airways</a> overhauled its network to stay above water after its failed merger with Spirit.Harteveldt noted that <a target="_blank" href="https://www.businessinsider.com/airbus-lowers-targets-after-benefiting-from-boeing-struggles-2024-6">Airbus is also facing production setbacks that are</a> impacting deliveries and worrying investors, though not as dire as Boeing.<h2 id="374ee9ec-da65-4119-a789-f37c06ab3c0c">Airlines are plagued by high costs in an extremely competitive industry</h2><a target="_blank" href="https://www.businessinsider.com/hate-spending-consumers-economic-sentiment-retail-sales-inflation-gdp-growth-2024-4">Nearly everything is more expensive</a> than it was before the pandemic, and airlines are no exception."It's the worst possible combination of high fixed costs and inflation on the variable costs," Kraemer said, pointing to costs like planes, labor, and fuel. "There are so many permanent changes like virtual meetings that airlines will need several years to adjust for."Fuel costs in April were 33% higher than they were during the same time in 2019, according to the most recent <a target="_blank" href="https://www.bts.gov/newsroom/us-airlines-april-2024-fuel-cost-gallon-down-06-march-2024-aviation-fuel-consumption-54-0#:~:text=Year%2Dover%2Dyear%20changes%20in,increasing%205.2%25%20from%20April%202019.">report</a> from the Bureau of Labor Statistics. Meanwhile, <a target="_blank" href="https://www.businessinsider.com/airline-pilot-pay-salary-american-delta-united-captain-first-officer-2024-4">US airline pilots have gotten huge pay raises</a> in recent years to help fend off a labor shortage.For low-cost carriers like Frontier and Spirit, these high costs make it challenging to make money, Kraemer said. Still, they force competitor fares down — creating another profit obstacle for mainline carriers. <a target="_blank" href="https://www.iata.org/en/iata-repository/publications/economic-reports/global-outlook-for-air-transport-june-2024-report/">IATA</a> reported in June that <a target="_blank" href="https://www.businessinsider.com/flight-ticket-prices-cheaper-inflation-united-american-delta-junk-fees-2024-6">industry ticket prices, including ancillary, are 15% below 2019 levels</a> despite high growth.<div type="image" title="Spirit Airlines bag check" height="724" width="1086" msid="111363748" hostid="261" sizebytes="64150"></div>Harteveldt said beefing up revenue in any way possible is the best way to counteract the ever-growing costs."These days, it's less about having the <a target="_blank" href="https://www.businessinsider.com/best-time-buy-plane-tickets-travel-fly-airfare-airlines-inflation-2023-11">lowest costs</a> and more about generating the most revenue," he said, suggesting strategies such as charging for more ancillaries, reducing the number of discount tickets sold, or creating more enticing bundle packages.

Airlines got too confident, and now they are paying the price despite record-breaking travel

<ul class="summary-list"><li>Several airlines have criticized Boeing for delivery delays.</li><li>Ryanair CEO Michael O'Leary said the airline would likely cut traffic expectations for next year.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/timeline-of-boeing-problems-alaska-airlines-strike-layoffs-starliner-max-2024-10">Boeing</a> is facing fresh criticism from airlines as it struggles to deliver planes on time.Delayed deliveries have upended airlines' operational plans, by both limiting growth and causing them to fly older planes for longer than planned.<a target="_blank" class="" href="https://www.businessinsider.com/boeing-delivery-delays-disappointing-says-ryanair-ceo-2024-8">Ryanair CEO</a> Michael O'Leary told <a target="_blank" class="" href="https://www.reuters.com/business/aerospace-defense/ryanair-cut-traffic-estimate-next-year-due-plane-delivery-delays-2024-10-16/">Reuters</a> Wednesday that the airline is likely to cut its traffic growth expectations for next year as it predicts delivery delays. This could also mean fewer destinations and flight options available to travelers.The Irish budget airline, Europe's largest carrier by passenger numbers, only operates Boeing 737 jets."The big issue for Ryanair is we're due 30 aircraft in March, April, May, and June of next year, and how many of those will we get?" O'Leary told Reuters.Also on Wednesday, at an Irish think tank event, the head of the world's foremost airline trade group spoke out about delivery delays."It's massively frustrating for airline CEOs and it's having a big impact," said Willie Walsh, the director general of the International Air Transport Association, per <a target="_blank" class="" href="https://www.theguardian.com/business/2024/oct/16/ryanair-cuts-traffic-estimates-for-2025-as-aircraft-deliveries-delayed">The Guardian</a>.The Guardian reported Walsh was also referencing delays at Airbus. <a target="_blank" class="" href="https://www.businessinsider.com/boeing-airbus-supply-chain-problems-dockworkers-strike-a320-dreamliner-2024-10">Supply chain constraints</a> on labor and raw materials have affected the whole industry. Boeing has also contended with a strike for the past month. Increased regulatory scrutiny in the wake of January's Alaska Airlines blowout has also had an impact.Last Friday, Boeing announced further delays to its <a target="_blank" class="" href="https://www.businessinsider.com/see-inside-boeing-777x-test-aircraft-biggest-twin-engine-airliner-2023-8">777X</a> jet, with its first delivery pushed from 2025 to 2026. It had initially targeted a TK launch.The 777X is set to become the largest twin-engine jet and is more fuel-efficient than older planes.Sir Tim Clark, the president of Emirates, the largest 777X customer, <a target="_blank" class="" href="https://www.businessinsider.com/emirates-boeing-777x-delays-plans-serious-conversation-strike-2024-10">slammed Boeing</a> for the program's latest delay."Emirates has had to make significant and highly expensive amendments to our fleet programs as a result of Boeing's multiple contractual shortfalls and we will be having a serious conversation with them over the next couple of months," he said in a Monday statement shared with Business Insider.<div type="image" title="A Boeing 777-X aircraft flies during the 2023 Dubai Airshow at Dubai World Central - Al-Maktoum International Airport in Dubai on November 13, 2023." height="2608" width="3912" msid="114316291" hostid="261" sizebytes="175164"></div>With over 200 777X jets on order, Emirates' future is largely reliant on the jet to modernize its aging fleet."I've never seen anything like it in our industry, to be honest. I have been around 30 years," Lufthansa CEO Carsten Spohr said at the Airlines for Europe conference, the <a target="_blank" class="" href="https://www.ft.com/content/68243dae-977d-439a-bdc8-625a7c3a5ba1">Financial Times</a> reported.Spohr added that Lufthansa needs the new 777X jet because it has "hardly any old 777s," per the FT.Postponing the new jet could mean higher ticket prices for passengers as airlines may have fewer aircraft available and need to spend more on fuel to run older planes.Boeing did not immediately respond to a request for comment sent by BI.

Boeing delays are wreaking havoc with the airline industry's plans, and flyers may well feel the pain

<ul class="summary-list"><li>The CEOs of Southwest Airlines and American Airlines both want Boeing to deliver planes on time.</li><li>Both CEOs, in the past week, say their companies have been affected by Boeing delivery delays.</li></ul>The chiefs of two major airlines have a message for <a target="_blank" class="" href="https://www.businessinsider.com/boeings-ceo-facing-challenges-management-test-2024-10">Boeing</a>: Do better.In the past week, Southwest CEO Bob Jordan and American Airlines chief Robert Isom have both talked about the challenges their airlines have faced with Boeing."Boeing has been a great partner for the whole 53 years of Southwest Airlines, but we need Boeing to be strong. We need Boeing to be better," Jordan said in an interview with <a target="_blank" class="" href="https://finance.yahoo.com/news/southwest-airlines-ceo-we-need-boeing-to-be-better-205703080.html">Yahoo Finance</a> on Monday.Jordan said Southwest had originally expected more than 80 plane deliveries from Boeing in 2024 but now will receive only 20. He added that while 2024 was especially tough, it's been years since Boeing deliveries went as expected for the airline."With the strike lingering on, you know, it looks like 2025 could be affected as well," he said."The heart of an airline is the flight schedule, and the flight schedule depends on getting your aircraft on time," he added.Jordan also said that Southwest, which exclusively uses Boeing aircraft, is "constantly reviewing" the market but is not actively looking into working with other plane manufacturers.Southwest's fleet consists of 228 Boeing 737 Max 8s, 381 Boeing 737-800s, and 207 Boeing 737-700s, according to aviation website <a target="_blank" class="" href="https://www.flightradar24.com/blog/the-southwest-airlines-fleet-in-2024/">FlightRadar24</a>.Jordan's comments echo those Isom made last week."For Boeing — it's just, I look forward to the day when they're not just a distraction," Isom said during a Thursday <a target="_blank" rel=" nofollow" class="" href="https://www.cnbc.com/video/2024/10/24/american-airlines-ceo-robert-isom-on-q3-results-our-team-performed-incredibly-well.html">interview</a> on CNBC's "Squawk Box.""We've been struggling with them for over the last five years," Isom added.Isom told CNBC that his company needs Boeing "to be strong" — and that he's communicated that message to the planemaker's new CEO, Kelly Ortberg."At the end of the day, though, we need them to deliver quality aircraft on time, and I'll be welcoming that phone call when Boeing says: 'We're going to do that,'" he added.When contacted for comment, a Boeing spokesperson said the company has previously acknowledged delivery delays and that future deliveries are dependent on the strike being resolved.<a target="_blank" class="" href="https://www.businessinsider.com/southwest-leaving-these-4-airports-amid-boeing-737-max-crisis-2024-4">Southwest</a> reported earlier this year that it expected to receive around 20 Boeing 737 Max 8. The announcement followed a production slowdown at Boeing after a <a target="_blank" class="" href="https://www.businessinsider.com/alaska-boeing-737-max-9-door-blowout-company-response-earnings-2024-1">door plug blew off a Boeing jet</a> during an Alaska Airlines flight in January.Adding to the <a target="_blank" class="" href="https://www.businessinsider.com/boeing-strike-costing-50m-per-day-as-negotiations-restart-2024-10">challenges at Boeing</a>, employees have been on strike since mid-September, with analysts estimating the work stoppage is costing the company $50 million a day. The company reported a <a target="_blank" class="" href="https://www.businessinsider.com/boeing-19-billion-share-offering-boost-financials-liquidity-2024-10">third-quarter net loss of $6.1 billion last week</a>.The crisis has made Boeing bleed cash. The manufacturer <a target="_blank" class="" href="https://www.businessinsider.com/boeing-19-billion-share-offering-boost-financials-liquidity-2024-10">announced on Monday</a> that it is offering 90 million common shares and about $5 billion worth of depositary shares for sale. Based on Friday's closing share price of $155.01, the new offering is worth around $18.95 billion.Its stock is down 40% year to date.This month, Boeing <a target="_blank" class="" href="https://www.sec.gov/Archives/edgar/data/12927/000119312524237177/d871346ds3.htm">made an SEC filing</a>, saying it may sell up to $25 billion worth of securities, including bonds, new shares, and stock options.That's in addition to the <a target="_blank" rel="" class="" href="https://www.businessinsider.com/boeing-raising-10-billion-strike-job-cuts-2024-10">$10 billion credit agreement</a> it entered into with Bank of America, Citibank, Goldman Sachs, and JPMorgan Chase, described in a <a target="_blank" rel="" class="" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000012927/000001292724000068/ba-20241014.htm">regulatory filing on October 14</a>.Southwest did not respond to a request for comment from Business Insider.

2 major airline CEOs have issued a clear message to Boeing in the past week: Do better

<ul class="summary-list"><li>Airlines are bringing the barebones basic economy experience to business class.</li><li>"Business Light" fares are cheaper but can lack perks like lounge access or early seat selection.</li></ul>The unbundled, pay-as-you-go experience of <a target="_blank" class="" href="https://www.businessinsider.com/united-basic-economy-review-carryon-middle-seat-new-york-denver-2024-7">basic economy</a> is coming to business class.In recent years, international airlines such as Air France, KLM, Emirates, <a target="_blank" class="" href="https://www.businessinsider.com/finnair-airlounge-business-class-seat-pod-review-photos-2023-3">Finnair</a>, and Qatar Airways have launched discounted "Business Light" tickets. These fares can vary but generally do not include traditional business-class amenities like lounge access or advanced seat selection.Now, <a target="_blank" class="" href="https://www.businessinsider.com/delta-crowdstrike-outage-cost-170-million-customer-crew-expenses-2024-10">Delta Air Lines</a>, a close partner of Air France and KLM, may be the first to bring it to the US.Delta executives have hinted as much on recent earnings <a target="_blank" class="" href="https://www.fool.com/earnings/call-transcripts/2024/07/11/delta-air-lines-dal-q2-2024-earnings-call-transcri/">calls</a>. In response to a question about "unbundling" the front cabin in July, Delta President Glen Hauenstein said the airline didn't have anything to share yet but that its investor day in November "should be very exciting."On Thursday's call, executives continued to drum up excitement for premium product announcements in November. A Delta spokesperson declined to give any additional details.During the third quarter, Delta's premium offerings, which include <a target="_blank" class="" href="https://www.businessinsider.com/delta-one-new-lounge-new-york-jfk-amenities-skyclub-2024-6">Delta One business class</a>, domestic first class, and premium economy, generated $5.3 billion in revenue compared to $6.3 billion for the economy cabin despite occupying a mere fraction of tickets sold.Demand for international business class and other high-margin <a target="_blank" class="" href="https://www.businessinsider.com/american-airlines-delta-premium-economy-2016-11">premium cabins</a> at the front of the plane have struggled to return to pre-pandemic levels. Still, Delta executives said its premium demand is now outperforming the main cabin.The carrier expects that momentum to continue through the end of the year and beyond, noting that its corporate sales increased by 7% in the third quarter. A recent survey found that 85% of companies expect to increase spending in 2025.For airlines, the business light strategy can help further stoke demand to fill the front of the plane and generate additional revenue. For customers, it may be a relatively cheaper way to access the luxe seats and offer them more choice."Delta can unbundle business class and then resell those previously inclusive privileges for a fee," industry analyst Henry Harteveldt told Business Insider on Thursday. "I'll give Delta credit for looking for new ways to find value for their customers."<h2 id="15fce060-edb1-4b4d-82c4-4cffda495e16">'Business light' is popular overseas</h2><a target="_blank" class="" href="https://www.businessinsider.com/flying-qatar-airways-qsuites-new-york-doha-in-business-class-2022-8">Qatar Airways's unbundled "business class</a> bite" fare requires additional payment for lounge access. Those traveling on a Finnair Business Light ticket will also have to pay extra for checked luggage.<a target="_blank" class="" href="https://www.businessinsider.com/emirates-airbus-a380-business-first-class-bar-shower-photos-2023-11">Emirates's "business</a> special" fare does not include add-on amenities like chauffeur pickup, lounge access, open advanced seat selection, and upgrades to first class. Passengers must buy the pricier "Business Saver" fare for those amenities.<div type="image" title="Emirates Business Class fares screenshot." height="591" width="1106" msid="114154469" hostid="261" sizebytes="29744"></div>Given the profitability of premium cabins like business class, airlines are keen to squeeze every profit from both the seat and its ancillary amenities.However, the ultimate effect on consumers remains unclear. Like basic economy, an unbundled fare means consumers who want guaranteed seats or other add-ons would likely pay extra to get it."It's like insurance, in a way," Harteveldt said. "If you want the certainty that you have a specific seat, then you will pay for it, presuming the price is right."In practice, Harteveldt estimates fares for the new unbundled ticket would be similar to current business-class prices — with the price of a full-fledged business seat steadily increasing.On the other hand, Harteveldt said the new strategy could be good for corporate customers because they can ensure business travelers get good rest and food on the aircraft, even if they can't access the lounge or board first.

Airlines are building 'business-class-lite' to generate more revenue and increase demand for the luxe seats

<ul class="summary-list"><li>Frontier Airlines is giving passengers the option to pay for an empty middle seat.</li><li>The airline announced it will allow customers to pay extra to sit in rows with only two passengers.</li></ul>Fliers will soon be able to enjoy the ensured luxury of <a target="_blank" href="https://www.businessinsider.com/tiktok-viral-video-plane-etiquette-rules-armrests-jackets-overhead-spreading-2023-4">both armrests</a> on their next budget flight.Frontier Group Holdings Inc., which owns the ultra-low-cost Frontier Airlines, <a target="_blank" href="https://ir.flyfrontier.com/news-releases/news-release-details/frontier-airlines-introduces-new-upfront-plus-seating-guaranteed">announced</a> Tuesday that it will allow customers to pay extra to sit in specially designated rows that block off <a target="_blank" href="https://www.businessinsider.com/how-to-avoid-the-worst-seat-on-plane-2018-5">the middle seat.</a>Aisle-dwellers and window-seat devotees with a little extra dough to spend will be able to bypass the infamous tight quarters of <a target="_blank" href="https://www.businessinsider.com/frontier-airlines-ranks-most-likely-to-bump-passengers-from-flights-2023-8">Frontier's flights</a> starting next Month, the company's CEO announced at a Tuesday industry conference, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-12/frontier-airlines-new-upgrade-promises-no-one-sits-in-middle-seat-ulcc?srnd=homepage-americas&amp;sref=yaJhKSOh">according to Bloomberg</a>.The "UpFront Plus" upgrade option starts at $49 and will be available on <a target="_blank" href="https://www.businessinsider.com/wsj-frontiers-1999-all-you-can-fly-pass-2023-7">Frontier</a> flights starting April 10. That price is being marketed as a special introductory offer. It was not immediately clear how much the upgrade would cost after the promotion ends. In addition to more elbow room, the perk promises extra legroom and comfort, a seat located in the first two rows of the aircraft, and the benefit of being first to receive inflight service, the company said."Many consumers strongly prefer a seating option that offers extra space when flying," Barry Biffle, CEO of Frontier Airlines, said in a Tuesday press release. "Frontier is all about choice and giving consumers the flexibility to customize their travel to suit their individual needs and preferences."Biffle said Tuesday that the upgrade — as well as new premium economy and business class offerings on the airline — will "give the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/frontier-airlines-launches-upgraded-seating-1033155475">company a revenue boost</a>," Bloomberg reported. The move comes as airlines seek to keep money coming in amid uneasy travel patterns in recent years. On budget airlines like Frontier and Spirit, every step of the trip is monetized, from baggage check-in to printed boarding passes to purchasing water.Larger airlines have also tried to turn specialized seating into money makers, with carriers like Delta, United, and American increasingly segmenting their cabins and charging more for advanced seat selection.

You can soon pay to avoid sharing armrests on this airline

SpiceJet Ltd on Monday said it has hived off its cargo and logistics business <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. It also paves the way for SpiceXpress to raise funds independently, SpiceJet said. The decision to hive off SpiceXpress is in sync with the company's long-term business plan and will unlock significant valuation of the logistic business, SpiceJet Ltd Chairman Ajay Singh said. Singh further said "the separation of our cargo and logistics arm is a stepping stone in our growth story which shall unfold in the times to come". SpiceXpress reported a net profit of Rs 51.4 crore for the April-December period of FY23. "In a bid to boost the growth of its cargo business and provide a more streamlined and efficient service to its customers, SpiceJet Ltd has completed the hive off of its cargo and logistics division 'SpiceXpress' into a separate entity, SpiceXpress and Logistics Private Limited," the company said. The consideration for the slump-sale will be discharged by SpiceXpress by issuance of securities in the combination of equity shares and compulsorily convertible debentures to SpiceJet for an aggregate amount of Rs 2,555.77 crore which will also strengthen the balance sheet of SpiceJet, it said. According to Singh, "SpiceXpress will provide greater and differentiated focus to cargo and logistics business and will allow the possibility of raising capital for the business to accelerate its growth". Both SpiceJet and SpiceXpress have great potential and will complement each other well, he added. He also said that the hive off will not only enable SpiceXpress to raise cash independently, it will significantly reduce SpiceJet's negative net worth. "Having restructured over USD 100 million, outstanding dues to Carlyle Aviation Partner last month, the hive off will further strengthen and deleverage our balance sheet," Singh said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avalon-technologies-ipo-top-10-points-about-this-electronic/slidelist/99201942.cms">Avalon Technologies IPO opens – 10 things you need to know before you subscribe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-stocks-that-delivered-the-highest-yield-over-one-year/slidelist/99145713.cms">Time to bet on dividend income: Top stocks that delivered the highest yield over one year</a>

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

<ul><li>India’s largest airline InterGlobe Aviation (IndiGo) has much to gain if its peer Go First fails to land safely.</li><li>Cooler crude, more passengers taking to the skies, and the grounding of Go First have set the airline’s growth on a higher altitude.</li><li>IndiGo also expects a 15% growth in its revenue per available seat kilometre (RASK), a key metric for airlines, in FY24.</li></ul>India’s largest airline InterGlobe Aviation (IndiGo) has a lot to cheer if its peer Go First fails to land safely – with domestic and international market share up for grabs. If the troubles of the budget airline which has <a href="https://www.businessinsider.in/business/news/go-first-suspends-sale-of-tickets-till-may-15-dgca-asks-airline-to-process-refunds-for-passengers/articleshow/99982706.cms">filed</a> for insolvency compound, competition will ease in the low-cost segment giving IndiGo more control over air fares. IndiGo’s shares have surged by over 7% since May 2 when Go First announced that it had filed a voluntary insolvency petition with the National Company Law Tribunal (NCLT). Despite the recent surge, IndiGo is flying light – literally and figuratively – with its valuations being attractive, according to brokerages. On the back of robust fleet utilization rates and the Indian aviation sector being on an upswing, IndiGo expects its revenue per available seat kilometre (RASK), a key metric for airlines, to grow at 15% in FY24. Now, new tailwinds like the grounding of Go First and the softening of crude oil prices are expected to give it a further boost. “The bias is positive towards airline stocks, predominantly IndiGo, for the next 9-12 months,” said a report by Motilal Oswal, adding that the airline is well positioned to improve its realisations and margins too. An average of brokerage estimates suggests that there is an upside of 17% over the next 12 months, with a target price of ₹2,536 per share, as compared to the current market price of ₹2,164. <div type="image" title="InterGlobe Aviation share price 01_01_23 to 05_05_23." msid="100009463" hostid="261" caption="&amp;lt;p&amp;gt;IndiGo share price in 2023&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Dominance will play to its advantage" comment="subhead" text="Dominance will play to its advantage">Dominance will play to its advantage</cmsannotation> There is daylight between the market share of IndiGo and its rivals – the company has a market share of 55% domestically. Air India and Vistara, owned by the Tata group come in next, with a share of 8.9% and 8.7% respectively. IndiGo’s dominance will play to its advantage, according to analysts, not only helping it boost its margins, but also increase its market share. “Go First accounted for 8% of domestic traffic and 5% of international traffic (among Indian carriers). If this capacity goes out of the system, industry-level load factor and pricing environment can improve substantially,” said a report by IIFL Securities. Analysts at Credit Suisse explain that bringing an airline back from the brink of a collapse is difficult, as evidenced by Jet Airways’ troubles. “Go First filing for bankruptcy can benefit IndiGo in many ways,” the brokerage said. <cmsannotation type="cmsannotation" annotationid="IndiGo’s flight gets bigger wings" comment="subhead" text="IndiGo’s flight gets bigger wings">IndiGo’s flight gets bigger wings</cmsannotation> While <a href="https://www.businessinsider.in/business/corporates/engines-omicron-more-the-timeline-of-troubles-at-go-first/slidelist/99987425.cms">Go First</a> was India’s third largest airline, the Covid-19 pandemic hit the company hard when Pratt &amp; Whitney engines started failing, leading to the airline grounding half of its fleet. The company <a href="https://www.businessinsider.in/business/news/go-first-suspends-sale-of-tickets-till-may-15-dgca-asks-airline-to-process-refunds-for-passengers/articleshow/99982706.cms">voluntarily filed</a> for insolvency seeking interim relief from NCLT to stop lessors from possessing its fleet. IndiGo too was a customer of Pratt &amp; Whitney once. But, when its engine troubles surfaced in 2016, it signed on a competitor – another US-based engine manufacturer CFM, and escaped this fate. With a diverse and young fleet, the airline now boasts over 1,800 daily departures with more than 300 aircraft. Further, to cater to the growing demand, IndiGo is also looking to expand its fleet by 500 more aircraft, from Boeing and Airbus. This was right after its rival Air India run by the Tata group <a href="https://www.businessinsider.in/india/news/of-total-840-aircraft-order-470-is-for-planes-while-the-rest-370-are-options-says-air-india-executive/articleshow/97978085.cms">placed</a> a mega order of 470 aircraft. <cmsannotation type="cmsannotation" annotationid="Flying high" comment="subhead" text="Flying high">Flying high</cmsannotation> Overall, brokerages are bullish about IndiGo’s prospects, stating that the softening crude oil prices will further help the airline improve its margins. A surge in domestic passenger traffic also bodes well for the Indian aviation sector, with April witnessing 15% higher traffic of 4.3 lakh passengers per day, than the FY23 average of 3.73 lakh. All in all, IndiGo’s numero uno position in India, cooler crude, more passengers taking to the skies, and the fall of Go First all set the airline’s growth on a higher altitude. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-hdfc-market-capitalisation-falls-after-msci-tweak/articleshow/100006092.cms">HDFC Bank, HDFC market capitalisation falls nearly ₹88,000 crore after MSCI tweak</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-q4-net-profit-more-than-doubles-yoy-to-722-crore/articleshow/99990510.cms">Adani Enterprises Q4 net profit more than doubles YoY to ₹722 crore as airports and roads businesses pick up pace</a> <a href="https://www.businessinsider.in/business/auto/news/hero-motocorp-q4-net-profit-beats-estimates-rises-37-yoy-to-859-crore/articleshow/99989966.cms">Hero MotoCorp Q4 net profit beats estimates, rises 37% YoY to ₹859 crore</a>

You Searched For "spicejet airlines share price" and got 10 results

SpiceJet’s Ajay Singh might sell stake to raise funds for airline

BI India Bureau

JetBlue founder and low-cost airline veteran explains how struggling airlines need to adapt to survive right now

Taylor Rains

Spirit Airlines stock plunges after report it's considering filing for Chapter 11 bankruptcy

Lian Kit Wee,Will Martin

Airlines got too confident, and now they are paying the price despite record-breaking travel

Taylor Rains

Boeing delays are wreaking havoc with the airline industry's plans, and flyers may well feel the pain

Pete Syme

2 major airline CEOs have issued a clear message to Boeing in the past week: Do better

Kelsey Vlamis,Aditi Bharade

Airlines are building 'business-class-lite' to generate more revenue and increase demand for the luxe seats

Taylor Rains,Benjamin Zhang

You can soon pay to avoid sharing armrests on this airline

Erin Snodgrass

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

PTI

The skies are clearer for IndiGo stock to surge further as Go First’s troubles mount

Rounak Jain

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