Jet’s fall is a story of the fall of its founder. Few failures are so inseparable from their promoters.
A total shutdown, even temporary, will affect Jet's value for potential investors taking part in a bidding process.
Jet ran an operation of 6 planes since morning. The decision was taken in the afternoon.
Lenders refuse cash and Etihad, NIIF, TPG, Indigo Partners have till May 10 to submit binding bids.
Jet is just operating seven planes and paying fuel companies on a daily basis to operate flights.
Some banks demand more pledged shares of Goyal & planes owned by Jet as collateral for releasing loans.
Vistara will continue to develop its network in India & abroad; mum on Tata group's stand on Jet: Bhaskar Bhat
Vistara, which started operations in 2015, is 51% owned by Tata Sons and 49% owned by Singapore Airlines.
From 124 planes in December, Jet is now operating just 6 ATR turboprop planes and one Boeing 737.
Until this development, Goyal’s departure had been seen as a key element of any revival strategy.
The development spells relief for Jet’s lenders, who have been struggling to save the sinking carrier.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon