MUMBAI: In a joint statement on Monday, Jet Airways chairman Naresh Goyal and chairman and CEO of its partner Etihad Airways, Tony Douglas, said that the operational metrics of the airline shows that it remains a preferred choice of flyers, and that it would bounce back once the bank-led provisional resolution plan (BLPRP) is complete.
Jet said its load factor rose to 87 per cent through December 2018 and January 2019, and ranked number one among all Indian carriers for its ‘arrival on time’ performance. Other metrics it highlighted are ‘low cancellations’ and ‘technical dispatch reliability’ at 99.52 per cent in the December quarter. “...we are confident that once the BLPRP is finalised and implemented, Jet Airways will reemerge as a viable and robust airline to reclaim its rightful place as airline of first choice for its customers,” they said.
The BLPRP approved by the Jet Board and shareholders last week would see banks and financial institutions becoming majority shareholders, followed by a debt-to-equity conversion of 11.40 crore shares at an aggregate value of Rs 1 and a promise of existing shareholders bringing in fresh equity.
Amidst the news of an interim loan of Rs 500 crore from SBI, PNB and the consortium, speculation rose on Sunday about SBI taking Jet Airways to the National Company Law Tribunal. An SBI spokesperson on Monday quelled rumours, saying, “These are totally speculative and ... no such decision has been taken.”
Jet says working on clearing overdue salaries
On reports about Jet Airways pilots warning of non-cooperation over unpaid salaries, the airline, in a filing, said it is working out a “mutually acceptable arrangement to ensure that the company becomes current on its salary overdues”.