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‘Jet will re-emerge as a financially-strong airline’

The carrier and its partner Etihad reiterate support to bank-led resolution plan

Jet Airways and Etihad Airways said the debt-laden airline has been patronised by its guests and will re-emerge stronger after the implementation of the bank-led provisional resolution plan (BLPRP).

“Jet Airways, its principal shareholders including Etihad Airways, and key financial stakeholders are working towards the finalisation and subsequent implementation of the BLPRP, to ensure that the carrier emerges as a financially-strong and resilient airline,” Naresh Goyal, chairman, Jet Airways and Tony Douglas, CEO, Etihad Airways said in a joint statement.

Airline of first choice

“As we move forward, we are confident that once the BLPRP is finalised and implemented, Jet Airways will re-emerge as a viable and robust airline to reclaim its rightful place as airline of first choice for its customers,” it added.

They said in the last year, the aviation industry had experienced extraordinary headwinds and challenges and Jet Airways had been hit harder than others.

“Nevertheless, despite these challenges and higher costs of running a full-service airline in this environment, the airline’s staff have worked tirelessly with sincerity and commitment to continue serving,” they said.

“Any airline’s financial health is subject to the ebb and flow of the economic environment in which it operates.

“But a true measure of its strength and quality as a business are its operational metrics. And Jet Airways’ operational metrics demonstrate the unremitting patronage of its guests and the assiduous efforts of its staff,” the statement added.

They said the airline’s network load factor had risen to a high of 87% through December 2018 and January 2019. Flight cancellation rate in December 2018 stood at a mere 0.2%, the lowest among Indian carriers. Technical dispatch reliability in 3Q 2018, meanwhile, stood at 99.52%.

“Not only do these industry metrics underscore Jet Airways’ unwavering commitment to delivering only the most exceptional flying experience for its guests, it is also an emphatic vote of confidence by the travelling public in Jet Airways as being their airline of choice,” the statement added.

SBI denies report

Meanwhile, the State Bank of India (SBI) had denied a media report that said it had decided to refer Jet Airways to the National Company Law Tribunal (NCLT).

“Reports have been appearing in the media about a decision taken by the SBI to refer Jet Airways to the NCLT. These are totally speculative and SBI would like to state that no such decision has been taken,” an SBI spokesperson said in a statement.

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