Jet Airways is on a downward trajectory, and much of it is of its own making. The company’s chairman Naresh Goyal is trying to put together the pieces, but the only chance of survival is if the blundering promoters exit and make way for a new, professional management.
The fact sheet of the airline reads like a riot report. Jet suffered three massive back-to-back quarterly losses — Rs 1,045 crore in the January-March 2018 quarter; then Rs 1,323 crore in the April-June quarter and finally, Rs 1,298 crore for the July-September quarter. By September 30 last year, the airline was groaning under the weight of a Rs 8,052-crore debt. Payments to pilots and staff are being delayed. Many domestic and Gulf destinations have been suspended to conserve cash and fresh delivery of aircraft has been stopped. The crisis hit the roof when the airline defaulted on its repayment and interest due on December 31. Read more
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