Jet Airways chairman Naresh Goyal has told employees he is willing to make any sacrifice for the viability and prosperity of the airline and assured them of detailed update on resolution by March 18.
This is the second communication from Goyal in a week and follows a joint statement he issued with Etihad Airways chief executive officer Tony Douglas. Jet Airways which is facing a funds crunch has delayed salaries and vendor payments and forced to ground over 20 planes on non payment of lease rent. A resolution plan is being finalised to restore the airline but differences have emerged between Goyal, Etihad and lenders on issues related to equity infusion, debt guarantees, concessions and waivers.
"While a few steps remain some critical steps are behind us and the remaining approval processes are well underway. I assure you that I am personally working this situation as rapidly as possible. I do not, never have and never shall take your patience granted. In the last 25 years I have given my life for this company and its employees and today more than ever I am willing to do what ever it takes to ensure that our Jet Airways not only survives but also thrives and dominates and remains the first choice of customers as before," Goyal wrote in an emotional letter.
Goyal has also sought support of employees for continued support and expects the situation to gently ease for the airline within 20 days.. He also assured them that the airline CEO Vinay Dube would update them on resolution by March 18.
The airline faces a funding gap of Rs 8500 crore which it aims to bridge through equity infusion, sale of aircraft among others. It is urgently looking to raise Rs 500 crore in debt but no agreement has been reached yet between the airline and its lenders.
Last month the airline's pilots union National Aviators Guild had warned of a non co-operation from March 1 as the airline had failed to keep up with salary commitment but that protest has been put in abeyance in view of tension on India Pakistan border.
This is the second communication from Goyal in a week and follows a joint statement he issued with Etihad Airways chief executive officer Tony Douglas. Jet Airways which is facing a funds crunch has delayed salaries and vendor payments and forced to ground over 20 planes on non payment of lease rent. A resolution plan is being finalised to restore the airline but differences have emerged between Goyal, Etihad and lenders on issues related to equity infusion, debt guarantees, concessions and waivers.
"While a few steps remain some critical steps are behind us and the remaining approval processes are well underway. I assure you that I am personally working this situation as rapidly as possible. I do not, never have and never shall take your patience granted. In the last 25 years I have given my life for this company and its employees and today more than ever I am willing to do what ever it takes to ensure that our Jet Airways not only survives but also thrives and dominates and remains the first choice of customers as before," Goyal wrote in an emotional letter.
Goyal has also sought support of employees for continued support and expects the situation to gently ease for the airline within 20 days.. He also assured them that the airline CEO Vinay Dube would update them on resolution by March 18.
The airline faces a funding gap of Rs 8500 crore which it aims to bridge through equity infusion, sale of aircraft among others. It is urgently looking to raise Rs 500 crore in debt but no agreement has been reached yet between the airline and its lenders.
Last month the airline's pilots union National Aviators Guild had warned of a non co-operation from March 1 as the airline had failed to keep up with salary commitment but that protest has been put in abeyance in view of tension on India Pakistan border.
No comments:
Post a Comment