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Jet Airways pilots announced Sunday that they would go on strike to claim unpaid wages, putting more pressure on the cash-strapped Indian carrier to find a new owner to save him. .
The airline is struggling with more than $ 1.2 billion in debt and has not been able to pay pilots for more than three months. He left pbadengers around the world stranded Thursday after canceling his international flights. The carrier has only 10 operational aircraft on a fleet of 123 vehicles, which raises fears of imminent shutdown.
The pilots' work stoppage comes one day after the staff organized a protest outside New Delhi airport on Saturday. Given the significantly reduced flight schedule, the pilots strike may not affect operations, but aviation experts say this reflects the deteriorating prospects of Jet, which desperately needs to be addressed. 39, a lifebuoy.
"It's now three-and-a-half months that are not paid," said a captain of Jet's National Aviator's Guild, which has more than 1,100 members. "The pilots refuse to fly from tomorrow," he said, adding that the strike was to begin Sunday at midnight. "It's a very unfortunate situation right now," said the captain, adding, "We hope the interim funding will be achieved."
Jet is struggling to stay in the air because of a lack of cash that has made it unable to pay wages and has made bad credit payments to lenders and creditors. After unsuccessful discussions with Etihad Airways of Abu Dhabi, which had bought 24% of Jet 's capital in 2013, founder and chairman Naresh Goyal resigned and resigned from the board of directors on March 25. The creditor banks have resumed its 51% stake.
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Although lenders have agreed to provide additional financing of up to Rs 15 billion ($ 220 million), the group has been reluctant to unblock it in the absence of an investor. The banks have now launched a last ditch hunt in search of a new owner and have invited the expressions of interest to buy up to 75% of the bearer's capital.
Jet, once the pinnacle of air transport in India, must secure an investor or face bankruptcy, said Neelam Mathews, aviation consultant based in New Delhi. "It's like throwing money into a well because the debts are so high," said Ms. Mathews. "If they get money, they will steal. But it is to do or die.
Jet's uncertainty is a headache for New Delhi. Narendra Modi, the Indian Prime Minister, is running in the national elections, which will run until May 19th. The collapse of the airline would result in thousands of job losses.
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