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. The Dutch capital, Amsterdam, has been the European gateway for airline operations in Europe. “Jet Airways has canceled all their flights from Abu Dhabi with immediate 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 UAE countrywide provider. “Further to the quick observation 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 statement, said, ”
Jet Airways has proactively taken positive modifications to its flight schedule, preserving in thought the probably yet period in-between non-availability of a few planes in its fleet in the foreseeable destiny.” Jet Airways is additionally knowledgeable about the regulator Directorate Standard of Civil Aviation and the passengers about these changes it delivered. Jet Airways has been searching for diverse approaches to elevate finances amid an acute liquidity crunch that has pressured it to ground planes, cancel flights in large numbers, shut down stations, and postpone revenue bills to its pilots and engineers along with the other senior staff.
Jet Airways Chairman Naresh Goyal wrote to Etihad Airways Group CEO Tony Douglas that Jet had sought an essential investment of Rs 750 crore from its equity companion Etihad. He stated that the airline is in a “very precarious” function, which has greatly worsened following the grounding of fifty planes. Jet Airways has a debt of over Rs 8,200 crore and needs to repay up to Rs 1,700 crore through 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 February 14 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 February 21.