Jet Airways on Thursday grounded six aircraft due to non-payment of dues to the lessors taking the total number of planes grounded in the last two days to 13 even as there was talk of Naresh Goyal offering to resign as chairman of the beleaguered airline.
The total number of grounded aircraft has touched 19 in past over one month. Besides, three aircraft were re-delivered to the lessors due to the scheduled expiry of their terms.
The carrier said it is actively engaged with all its aircraft lessors and is making efforts to minimise the disruption to its network. The affect fliers are informed and are being re-accommodated in other flights. The aviation regulator, Directorate General of Civil Aviation (DGCA), has been informed in this regard, the airline officials said.
The airline, along with its stakeholders, has worked a resolution plan that will see lenders holding a 51% stake in the airline as part of the debt getting converted into equity in the first stage of the restructuring exercise to rescue the cash-strapped airline. In the second stage, the lenders' stake will come down to about 30% after the right issue of Rs 3,000 crore, which will see Etihad's stake going up to 40% and Naresh Goyal's shareholding falling to 22%.
The lenders were scheduled to meet on Thursday following an extraordinary general meeting (EGM) of the airline on February 21, which discussed and passed resolutions allowing banks to acquire a majority stake.
The financial crunch has forced the airline to ground few of its aircraft this month due to non-payment of dues to the lessors. The financial troubles also forced the airline to halt deliveries of six Boeing 737 Max planes that were due by March.
Earlier last month, Etihad Airways had offered to increase its stake in the airline up from 24%, but sought exemption from market regulator Securities and Exchange Board of India on open offer and preference pricing. As per the regulatory mandate, a company has to make an open offer in case their stakeholding in a listed company goes beyond a certain threshold. This led Jet Airways to respond that the discussions with various investors were still on as part of its turnaround plan.
Jet has been seeking funds from several investors, including Tata Sons, private equity investors, Etihad Airways, in order to make a turnaround.
To make the matters worse, pilots' union National Aviators Guild (NAG), too, has warned the airline of non-cooperation beginning March 1 if the management fails to clarify on salary payment.
IN A TAILSPIN
- The total number of grounded aircraft has touched 19 in past over one month
- Besides, three aircraft were re-delivered to the lessors due to the scheduled expiry of their terms.
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