Jet Airways shares plunged on Thursday, battered by worries about whether the gr...
MUMBAI/BENGALURU - Jet Airways shares plunged on Thursday, battered by worries about whether the grounded Indian airline would fly again, while carriers such as SpiceJet rushed in to plug a supply gap in the wake of their rival’s demise.
The carrier, saddled with roughly $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million from its lenders, as part of a rescue deal agreed in late March. Once allotted, an airline can keep the slot for one flying season or six months and Jet can reclaim the slots if it is revived by the end of the flying season, the source said.“We are assisting airlines and airports to bring in capacity rapidly to ensure that fares remain stable and competitive,” India’s Ministry of Aviation said on Twitter on Wednesday.A gap in capacity has pushed up fares by 30-40 percent since September in India, ratings agency ICRA has said.
An empty Jet Airways ticketing counter is seen inside its headquarters in Mumbai, India, April 18, 2019. REUTERS/Francis Mascarenhas “The best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI and have been issued bid documents on 16th April,” Jet’s lenders said, referring to expressions of interest.
Jet Airways employees sit at the front desk at its headquarters in Mumbai, India, April 18, 2019. REUTERS/Francis MascarenhasJet’s failure would be a blow to Indian Prime Minister Narendra Modi, who is currently seeking re-election in a weeks’ long general election. Modi’s critics blame his government for rising unemployment.
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