Cash-strapped Jet Airways on Monday took major steps towards closing a rescue deal with its lenders, with chairman Naresh Goyal and his wife stepping down from the airline's board. Laden with debt of more than $1 billion and faced with an evaporating market value, Jet is banking on a bailout by its lenders as it became unable to pay banks, suppliers, pilots and lessors - several of whom have started terminating leases with the carrier. The banks, led by State Bank of India (SBI), will take a controlling stake in the airline, pump Rs.1,500 crore ($217.65 million) in immediate funding, and form an interim management committee to manage the airline.
Here are some major developments in Jet Airways' story this month:
March 8 - Jet Airways' planes to be redeployed elsewhere if the airline cannot gain approvals for a restructuring plan this month, says lessor
March 11 - Air safety regulator orders new checks on Boeing 737 MAX 8 planes after an Ethopian Airlines flight crash kills 157 people on board. Jet operates five 737 MAX 8 planes.
March 13 - India bans Boeing 737 MAX planes from its airspace
March 15 - Jet Airways pilots seek government help to recover pending salaries and dues from the airline
-- Some lessors of Jet have begun terminating lease deals over unpaid dues and are preparing to move the leased planes abroad, five sources tell Reuters
March 18 - Naresh Goyal tells the airline's pilots he needs "a further short time" to finalise a rescue deal for the carrier as the process is complex
March 19 - The government asks state-run banks to rescue Jet without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration tell Reuters
-- Regulator says Jet is now operating only 41 aircraft, and that could reduce further
March 20 - SpiceJet is in talks with lessors to lease some of Jet's grounded aircraft, a source tells Reuters
-- SBI says bankruptcy is the "last option" for Jet, and that it might still be possible to draft in a new investor to keep the airline flying
March 25 - Naresh Goyal steps down as chairman while his wife Anita Goyal resigns from the board of directors. Lenders to pump in Rs. 1,500 crore in immediate funding.
25/03/19 Thmson Reuters/NDTV
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Here are some major developments in Jet Airways' story this month:
March 8 - Jet Airways' planes to be redeployed elsewhere if the airline cannot gain approvals for a restructuring plan this month, says lessor
March 11 - Air safety regulator orders new checks on Boeing 737 MAX 8 planes after an Ethopian Airlines flight crash kills 157 people on board. Jet operates five 737 MAX 8 planes.
March 13 - India bans Boeing 737 MAX planes from its airspace
March 15 - Jet Airways pilots seek government help to recover pending salaries and dues from the airline
-- Some lessors of Jet have begun terminating lease deals over unpaid dues and are preparing to move the leased planes abroad, five sources tell Reuters
March 18 - Naresh Goyal tells the airline's pilots he needs "a further short time" to finalise a rescue deal for the carrier as the process is complex
March 19 - The government asks state-run banks to rescue Jet without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration tell Reuters
-- Regulator says Jet is now operating only 41 aircraft, and that could reduce further
March 20 - SpiceJet is in talks with lessors to lease some of Jet's grounded aircraft, a source tells Reuters
-- SBI says bankruptcy is the "last option" for Jet, and that it might still be possible to draft in a new investor to keep the airline flying
March 25 - Naresh Goyal steps down as chairman while his wife Anita Goyal resigns from the board of directors. Lenders to pump in Rs. 1,500 crore in immediate funding.
25/03/19 Thmson Reuters/NDTV
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