Cash-strapped Jet Airways has grounded its operations at Abu Dhabi Airport from these days for an indefinite period, citing operational motives. Abu Dhabi is one of the two global hubs of Jet Airways. Dutch capital Amsterdam is the European gateway for the airline for its operations to Europe and past. “Jet Airways has canceled all their flights from Abu Dhabi with instant impact from March 18 because of operational reasons,” Etihad Airport services stated in a notification to its passengers Sunday. Etihad Airport Services is the ground managing arm of Jet Airways investment associate Etihad Airways. Abu Dhabi airport additionally serves as the principal hub of the UAEs countrywide provider. “Further to the quick observe of flight cancellation, (Abu Dhabi) hub can also face minor disruption),” the business enterprise stated in the declaration. Responding to PTI queries on the cancellation of its operations from Abu Dhabi, the airline in a declaration said, ” Jet Airways has proactively taken positive modifications to its flight agenda preserving in thoughts the probably yet period in-between non-availability of a few planes in its fleet in the foreseeable destiny.” Jet Airways has additionally knowledgeable the regulator Directorate standard of civil aviation and the passengers about these changes, it delivered. Jet Airways has been searching at diverse approaches to elevate finances amid acute liquidity crunch that has pressured it to ground plane, cancel flights in large numbers, shut down stations and postpone revenue bills to its pilots and engineers along with the different senior staff. On March eight, Jet Airways Chairman Naresh Goyal wrote to Etihad Airways Group CEO Tony Douglas that Jet had sought an important investment of Rs 750 crore from its equity companion Etihad. He stated that the airline is in a “very precarious” function, which has handiest worsened following the grounding of fifty of its planes. Jet Airways has a debt of over Rs 8,200 crore and needs to make repayments of up to Rs 1,700 crore by way of the quit of March. It has already defaulted on an ECB fee in advance this week but is servicing its domestic debt. The Jet Airways board had on 14 February permitted a bailout plan wherein the creditors led by way of the State Bank of India (SBI) could emerge as the largest shareholders in the airline by changing the airline’s debt into fairness at a nominal price of Re 1. The Jet Airways bailout plan became permitted by using the shareholders on 21 February.
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June 14, 2019