Jet rejigs schedule using available aircraft

Goyal writes to Jet employees for second time, promises early solution to crisis

Naresh Goyal, Chairman, Jet Airways, at a press conference in New Delhi on Wednesday, July 23, 2014. Jet Airways (India) Ltd., which is part-owned by the Abu Dhabi-based Etihad Airways, is undertaking a restructuring process which it hopes will help it return to profitability by 2017. Photo: Ramesh Sharma

In his second letter to employees this month, Jet Airways chairman Naresh Goyal said that the situation at the airline, though complex, had his personal non-stop attention towards early resolution, and was being vigorously pursued for the earliest possible completion by all parties.

“You may have read the recent comment by the State Bank of India Chairman as reported in the media, expressing his optimism on its completion shortly. The complexity of the process, though, has led to some delays and will require a further short time to conclude,” Mr. Goyal said in the letter.

“I once again assure you that I am personally committed to have the process completed as soon as possible and restore much needed stability to our operations at the earliest. Meanwhile, talks with Etihad Airways and lenders led by SBI are ongoing. We are in constant dialogue with them,” he added. In his previous communication on March 1, Mr. Goyal had requested for time till March 18 to provide an update on the progress of the Bank-led Provisional Resolution Plan (BLPRP).

“While we continue to face the challenges of the recent past, as I have committed to you to maintain an open line of communication with you, I write today to update you,” he said.

‘Ensuring sanctity’

Mr. Goyal said that while discussions with lessors continued, as a “responsible airline” Jet Airways had consciously and pro-actively decided to curtail its schedule and network according to the number of aircraft currently operating.

“This will ensure the sanctity of our schedule, while keeping the regulatory authorities briefed,” the letter read.

“I am fully aware of the hardships each of you are undergoing owing to the stretched-out ongoing dialogue and deeply, most sincerely appreciate your patience, perseverance and your incredible dedication and loyalty. I would like to specifically thank our pilots, engineers and management for bearing with us during this trying time with delayed salary payments,” Mr. Goyal said in the letter.

The Jet Airways chairman ended with an assurance that he was fully committed to ensure that deferred salary dues were cleared on priority once all parties signed off on the resolution plan.

“I am also fully committed to keep our communication lines open and look forward to reverting with more information in the near future,” the letter concluded.