What was once India’s second biggest carrier collapses
IT HAS BEEN a slow, painful, descent. For months, Jet Airways, once India’s second largest airline, has been failing. Planes were grounded for non-payment of leases, fuel deliveries stopped, flights inevitably cancelled, frustrated customers denied access to lounges and subject to unending frustrations. Unpaid pilots loudly threatened to strike and quietly disembarked to work for competitors.
But a lack of confidence in the airline’s management proved overwhelming. The government did not intervene to save the airline. And Etihad, burned by the bankruptcy of Air Berlin and Alitalia in 2017, two other airlines in which it had stakes, was loathe to throw more good money after bad.
What happens next, particularly to the 16,500 or so workers it directly employs is unclear. A sale process is under way, with hopes that it will be completed by the end of May. But whether there is anything left to be sold depends on what, by then, are the company’s assets. Its planes were largely acquired through leases that have been voided because of non-payment. Many of its best employees will have left for other companies.
That leaves what has been its most valuable asset since it was founded in 1993: the landing and take-off slots it has accumulated at airports in Mumbai and Delhi. But these apparently come with conditions of usage that are likely to have been violated by the suspension of flights.
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