Cash-strapped Jet Airways has cancelled all international flights for Thursday due to the scarcity of funds by the airline. According to reports, all flights to Amsterdam, Paris, and London which were scheduled on Thursday have been cancelled. The move comes in the midst of the airline grounding more than three-fourth of its 119-aircraft fleet. Earlier in the day, the Union Government had said that they will examine the eligibility of Jet Airways to fly on International routes. Speaking on the recent Jet Airways crisis, Civil Aviation Secretary Pradeep Singh Kharola said, "It (Jet Airways) is currently operating less than 15 planes and its eligibility to fly on international routes needs to be examined." The airlines permitted to fly on international routes must have 20 aircraft in service. Debt-laden Jet Airways is currently operating only 14 aircraft in its fleet and may soon lose the right to fly on international routes, official sources had said earlier in the day. Meanwhile, Jet Airways in a statement informed that its flight 9W 615 Mumbai to Kolkata and 9W 675 Kolkata to Guwahati of tomorrow April 12, 2019, has been cancelled due to operational reasons. "Similarly, 9W 676 Dehradun to Kolkata via Guwahati has been cancelled on the same date until further notice. Guests have been duly informed and refunds are being processed. Jet Airways sincerely regrets the inconvenience caused to its guests," the statement added. On April 3, Civil Aviation Secretary Pradeep Singh Kharola had said that Jet was operating less than 15 planes and its eligibility to fly on international routes needs to be examined. Meanwhile, Changi airport said Jet Airways has suspended its services to and from Singapore until further notice. Passengers are advised to contact their booking agent or the airline directly for available options, it said. The developments came a day after the SBI Capital Markets extended the deadline for investors to bid for a controlling stake in beleaguered Jet Airways by two days till Friday. The government-owned investment bank said the revised last date for sending queries is 3 pm on Thursday and expressions of interest (EoIs) will be accepted till 6 pm on Friday (April 12). "Qualified bidders will be expected to submit their respective binding bid(s) latest by April 30 subject to the terms set out under the bid document," said SBI Capital Marketsin a statement. Wednesday was a tough day for the airline as Indian Oil stopped jet fuel supplies for breaching the credit limit agreed upon. Though fuel supplies resumed after some hours, it was the second time that Indian Oil had taken such a decision. A Jet Airways flight from Amsterdam to Mumbai was stopped from taking off at the Schiphol Airport by a European cargo company due to outstanding bills. Burdened with high operating costs and a huge debt, Jet Airways has been struggling to fly with 26 planes, according to reports. Since January, it has not been able to pay salaries to pilots and maintenance engineers. Many lessors have taken possession of planes after the airline failed to pay rents. Lenders, led by State Bank of India, took control of Jet Airways in March after its founder and chairman Naresh Goyal gave up control to resolve the crisis. (With inputs from agencies) For in-depth, objective and more importantly balanced journalism, Click here to subscribe to Outlook Magazine<doc-sep>Passengers look out at American Airlines flight 718, a Boeing 737 Max, parked at its gate at Miami International Airport as people load for the flight to New York on December 29, 2020 in Miami, Florida. The Boeing 737 Max flew its first commercial flight since the aircraft was allowed to return to service nearly two years after being grounded worldwide following a pair of separate crashes. (Photo by Joe Raedle/Getty Images) MARANA, ARIZONA - MAY 16: Decommissioned and suspended jetBlue commercial aircrafts are seen stored in Pinal Airpark on May 16, 2020 in Marana, Arizona. Pinal Airpark is the largest commercial aircraft storage facility in the world, currently holding increased numbers of aircraft in response to the coronavirus COVID-19 pandemic. (Photo by Christian Petersen/Getty Images) Airbus CEO: Could ramp up production by second half of 2021 Hayden A. Smith, 17, is a plane spotter and photographer and took this photo of UAL Flight 328 on Saturday, February 20, as it flew overhead in Aurora, Colorado. ATLANTA - APRIL 30: A Boeing 757 with a new Delta Airlines logo sits on the tarmac following the company's emergence from bankruptcy at Hartsfield Jackson International Airport April 30,2007 in Atlanta, Georgia. The 757 sports new branding that will appear on more than 900 planes, at airports and on advertising. (Photo by Barry Williams/Getty Images) 757 Delta CEO: The goal is for a good summer in the US JetBlue CEO on when tickets to London will be available MARANA, ARIZONA - MAY 16: Decommissioned and suspended jetBlue commercial aircrafts are seen stored in Pinal Airpark on May 16, 2020 in Marana, Arizona. Pinal Airpark is the largest commercial aircraft storage facility in the world, currently holding increased numbers of aircraft in response to the coronavirus COVID-19 pandemic. (Photo by Christian Petersen/Getty Images) (CNN) — Struggling Indian airline Jet Airways has canceled all its international flights, raising fears that it may be close to collapse. The airline said in a statement on Friday that it “has canceled its international operations from 12th to 15th April.” All of Jet’s long-haul services — including to London, Paris and Amsterdam — were suspended from Thursday night, but a spokesperson initially said earlier Friday that all long-haul flights had resumed. However, the airline later announced the cancellation of all international flights until Monday, adding that it was “working to minimize guest inconvenience.” Thursday’s cancellation of flights prompted India’s Aviation Minister, Suresh Prabhu, to tweet on Friday that his ministry would “review issues related to Jet Airways” and “take necessary steps to minimize passenger inconvenience and ensure their safety.” Directed Secretary @MoCA_GoI to review issues related to #JetAirways. Asked him to take necessary steps to minimise passenger inconvenience and ensure their safety. — Suresh Prabhu (@sureshpprabhu) April 12, 2019 A collapse of the airline would tarnish Prime Minister Narendra Modi’s pro-business credentials as Indians vote in elections that started on Thursday. The failure of a major airline would put thousands of jobs at risk. Jet Airways has already canceled thousands of domestic and international flights as planes were grounded over the non-payment of fees to aircraft leasing companies. It told the Bombay Stock Exchange Thursday that it had grounded 10 more planes due to unpaid dues. Last month the company’s founder was forced to quit as part of a government-backed bailout. Naresh Goyal stepped down as chairman and resigned from the board, allowing banks to take control and overhaul the company. India’s largest public bank, the State Bank of India (SBI), has been leading the consortium of creditors, which started the stake sale process on Monday. Several airlines, including Etihad, are interested in bidding, according to reports. Etihad already owns a 24% stake in Jet Airways. A spokesperson for the UAE-based airline declined to comment on the bidding process. India is the fastest-growing aviation market in the world but competition is fierce. Airlines struggle to make money given the intense pressure on fares. Rising oil prices and a volatile Indian currency have made life even harder. Jet Airways has racked up huge losses and exhausted the patience of its creditors. Profits at market leader IndiGo have also suffered and the government was forced to pour hundreds of millions of dollars into the national carrier, Air India, after a failed privatization attempt early last year. CNN’s Swati Gupta and Zahraa Alkhalisi contributed to this article.<doc-sep>Jet Airways is facing its worst financial crisis in 25 years. (Photo: Reuters) Embattled Jet Airways has cancelled all international flights scheduled to fly today and tomorrow amid its worst financial crunch since it was founded 25 years ago. According to sources, several passengers are stuck at various airports due to the fresh cancellations. As of now, the airline is just operating 14 flights and has "indefinitely" suspended operations to eastern and northeastern states, according to news agency PTI, which quoted an industry source. Disruption in international services may prevail for the next two days, especially to destinations such as Amsterdam, Paris and London. At present, the SBI-led consortium of lenders are trying to find a potential bidder for the airline. It earlier said the airline would restore its flight cpacity by mid-April but the airline continues to face a crisis situation even after fresh fund infusion. Only last week, the airline had 26 flights in operation but has now been reduced to just 14 aircraft. This could lead the airline regulator to suspend international operations of Jet Airways, reported news agency IANS. According to rules, an airline needs 20 aircraft to be eligible to operate international flights. Several aircraft of Jet Airways were grounded earlier due to non-payment of lessors' rentals. The airline has been facing a several financial crisis that has not only affected its operations but it has also failed to pay full salaries to almost all its 16,000+ employees.<doc-sep>Troubled Jet Airways has canceled west-bound long-haul flights from India between Thursday and Friday morning. Reuters reports that Jet Airways has canceled a further 10 planes due to having not paid its leasing companies. The additional planes join two-thirds of Jet Airways fleet to be grounded. The Economic Times writes that the further cancellations consist of all its remaining international flights to Amsterdam, Paris, and London. The airline has also canceled a number of regional flights. A company spokesperson confirmed the latest cancellations but did not confirm the size of Jet’s operational fleet. Reuters speculates that it could be lower than the minimum 20 required to operate internationally in India. The Economic Times, citing people in the know, says the operational fleet is down to 14 and that India’s air regulator, the Directorate General of Civil Aviation, is monitoring and assessing Jet’s eligibility to fly abroad. The airline is over $1 billion in debt Jet Airways has been in financial difficulties for months. It has over $1.2 billion in bank debt and owes leasing companies, suppliers, pilots, and oil companies. And, it has laid off staff. On March 30, it was revealed that 1,000 pilots could strike as of April 1, over unpaid wages. Cancellations have affected millions of passengers, some of which have gone to social media platforms to express their frustration. Jet Airways planes have been grounded as oil companies reduce fuel supply terms. The airline has reported losses for nine out of the past 11 years. Its stock plummeted by 67% in 2018. Chairman Naresh Goyal stepped down in March, after 25 years at the helm of Jet. Seeking a new investor The airline’s lenders, including the State Bank of India, are seeking a new investor to take an up to 75% stake in the business. A deadline of Wednesday this week is now extended to Friday for bids. Any bidders must have a net worth equivalent to $144 million or at least three years of experience in the sector. Consortiums bidding for the stake must have no more than three members. Plus, each must hold a share of at least 15%. The State Bank of India group took a 50.1% share in the airline in an attempt to save it. Etihad Airways PJSC of Abu Dhabi owns 24%. Etihad has reportedly shown interest in a larger stake in Jet in recent days. Jet Airways hasn’t always been in turmoil. It broke the monopoly of state-run Air India Ltd, gaining success, and becoming India’s second-largest airline. Before recent cancellations, Bloomberg puts Jet’s fleet size as falling from 124 planes to 26. Is it the end for Jet Airways? Lenders leading the drive for a new investor say they will consider “other options” if one is not found. However, they haven’t revealed what these options could consist of. Further, Bloomberg reports that earlier steps by the Indian government to save jobs included asking other airlines, such as SpiceJet, to take over some aircraft. It seems that Jet Airways eligibility to fly internationally could be questioned. With international flights canceled Jet’s revenue will be falling as its debts continue to stack up. The airline may be teetering on collapse. Its landing slots are already being redistributed to other carriers. However, if an investor can be found and action taken quickly there may still be a chance for Jet Airways to recover.<doc-sep>
Debt-ridden airlines Jet Airways has cancelled all west-bound long-haul international flights from Thursday night till Friday. This includes flights to London, Paris and Amsterdam. At the same time, Jet also cancelled domestic flights between Mumbai and Kolkata and Kolkata and Guwahati for Friday due to operational reasons. The flight from Dehradun to Kolkata via Guwahati has also been cancelled for Friday. A Jet Airways spokesperson said that guests had been duly informed and that refunds are being processed. The cancellation comes even as the beleaguered Jet Airways is on the verge of being barred from operating international flights as its operational fleet has come down to 14 and any Indian airline needs a minimum 20 aircraft to be able to fly on international routes. The Directorate General of Civil Aviation (DGCA) is yet to take a call but said it is monitoring the situation closely. Civil aviation ministry had said that it will review once the fleet goes below the required number. The State Bank of India had on Monday offered up to a 75 per cent stake in Jet Airways for sale. It extended the deadline on Wednesday for interested bidders to submit a response until Friday. A consortium of SBI-led banks now effectively owns the beleaguered carrier. “We will not allow violation of safety but since SBI is in the process of reviving the airline, the issue of not operating minimum fleet can be taken up later,” said a DGCA official. Both Jet Airways and civil aviation ministry did not comment on the matter. The consortium of 26 lenders has appointed SBI Capital Markets Limited to advise it on the sale. Jet’s fleet has come down to 14, with the airline grounding as many as 105 aircraft. “@jetairways (9W) has suspended its services to and from Singapore until further notice. Passengers are advised to contact their booking agent or the airline directly (info@jetairways.com) for available options,” Changi airport tweeted on Thursday. This comes a day after as many as 200 passengers booked on a Jet Airways flight were stranded in Amsterdam after a service provider seized the debt-laden carrier’s aircraft that was supposed to fly them to Mumbai. The Indian Oil Corporation (IOC) had also stopped fuel supply to Jet airways on Wednesday for a few hours due to non-payment of dues. Burdened by a debt of around Rs 8,000 crore (and an additional Rs 1500 crore being infused), Jet Airways has cancelled several flights. The airline used to operate a fleet of 119 planes at its peak. The airline’s loss in the first nine months of 2018-19 stood at Rs 3,208 crore.