Jet Airways pilots ask SBI for funds, request PM's help
What's the story
Jet Airways pilots body, the National Aviator's Guild, today appealed to the State Bank of India (SBI) to release Rs. 1,500cr, which was proposed to be infused in the ailing carrier as part of a debt-restructuring plan last month. The airline is operating just 6-7 planes, with almost its entire fleet being grounded due to non-payment of rentals to lessors amid severe cash shortage.
Details
The body appealed to SBI to release funds for operations
Speaking to the media at the airline's headquarter, Siroya Center, in Mumbai, National Aviator's Guild ( NAG) vice president Adim Valiani said, "We would like to appeal to SBI to release Rs. 1,500 crore funds for the airline to help it continue operations." "We also appeal to Prime Minister Narendra Modi to save 20,000 odd jobs at the airline," he further said.
Background
The airline's pilots were last paid in December 2018
The airline's pilots along with engineers and senior staff were last paid in December'18. This apart, the airline has also defaulted on the March salary of other categories of employees as well. Last month, an SBI-led consortium of lenders had taken management control of the airline post a debt-recast deal. The lenders had then proposed to infuse upto Rs. 1,500 crore to the carrier.
Meeting
Meeting between airline-lenders expected to take a final decision today
The lenders had proposed the funds to keep the carrier afloat till the time it gets an investor. The Monday meeting with lenders is reportedly expected to take a final decision on the quantum of funds to be infused immediately to avert a possible shut down. A meeting between the airline-management and SBI last Friday couldn't take a decision on the fund infusion issue.