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26-Feb-2019 10:18 AM

Jet Airways to emerge as 'financially strong and resilient' under resolution plan

Jet Airways chairman Naresh Goyal and Etihad Airways CEO Tony Douglas stated (25-Feb-2019) Jet Airways, its principal shareholders, including Etihad Airways, and key financial stakeholders are working towards the finalisation and implementation of the 'Bank-led Provisional Resolution Plan' (BLPRP), designed to ensure that Jet Airways "emerges as a financially strong and resilient airline". Mr Goyal and Mr Douglas described the approval of the BLPRP by Jet Airways' board in mid Feb-2019 as "an important step". Mr Goyal and Mr Douglas said: "We are confident that once the BLPRP is finalised and implemented, Jet Airways will reemerge as a viable and robust airline". Mr Goyal and Mr Douglas commented: "In the last year the aviation industry has experienced extraordinary headwinds and challenges. Rising oil prices, a depreciating rupee and market saturation, among other things, have combined to critically impact the civil aviation sector as a whole. Some airlines have been hit harder than others; Jet Airways... being one of them". Mr Goyal and Mr Douglas said the following operational figures demonstrate "the unremitting patronage" of Jet Airways' passengers and "the assiduous efforts" of its staff:

  • Network load factor increased to 87% for Dec-2018 and Jan-2019;
  • Jet Airways ranked first among all Indian carriers for arrival on time performance in Nov-2018 and Dec-2018 with cancellation rates of 0.5% in Nov-2018 and 0.2% in Dec-2018;
  • Technical dispatch reliability of 99.5% in 3Q2018. [more - original PR]

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