Page 11 - Civil Aviation

SpiceJet subsidiary SpiceXpress to get $100 mn investment from UK group

Budget carrier SpiceJet on Monday said its subsidiary SpiceXpress and Logistics will receive USD 100 million investment from a UK-based group. SpiceJet, which is facing financial headwinds and an insolvency plea by an aircraft lessor, had recently hived off SpiceXpress. Also, last week, the airline said it has no plans to file for insolvency and would invest USD 50 million to revive 25 grounded planes. The United Kingdom-based SRAM & MRAM Group will invest USD 100 million in SpiceXpress. Both sides have signed a Memorandum of Understanding (MoU) as part of the investment deal, the airline said in a release on Monday. The MoU also comes after a debt restructuring agreement between the carrier and aircraft lessor Carlyle Aviation Partner wherein the latter bought a stake in SpiceXpress at an anticipated future valuation of USD 1.5 billion (Rs 12,422 crore). SpiceJet Chairman and Managing Director Ajay Singh said the USD 100 million investment should help SpiceXpress to grow further

AWG's warning to India is to influence NCLAT ahead of hearing: Wadia Group

The recent action of issuing a "watch list notice" by AWG (Aviation Working Group) is laced with double standards, a spokesperson with the Wadia Group which owns the struggling airline Go First, said on Sunday.AWG should focus on ensuring that its own members abide by international arbitration awards rather than issuing threatening watch list notices to India and quoting the Cape Town Convention (CTC) to influence the proceedings currently being heard in the National Company Law Appellate Tribunal (NCLAT), the Wadia Group spokesperson said further.The Wadia Group spokesperson also advised the AWG to first address the root cause by advising Pratt & Whitney to comply with the law and abide by the award issued by the emergency arbitrator appointed in accordance with the 2016 Arbitration Rules of the Singapore International Arbitration Centre (SIAC) to which, Pratt and Whitney voluntarily submitted themselves.The membership of AWG constitutes companies like Airbus, Boeing, Pratt ...

Pratt & Whitney faces higher risks after Go First filed for bankruptcy

NEW YORK/BENGALURU (Reuters) -Pratt & Whitney on Thursday opposed Go Airlines (India) Ltd's push to enforce an arbitration ruling in an engine dispute, with the U.S. company arguing in a Delaware court that the Indian airline's bankruptcy filing has raised risks for it.

Risky jurisdiction: Aircraft lessors raise alarm over Go First crisis

India is a critical market for lessors, in which sale-and-leaseback deals accounted for 75% of plane deliveries from 2018 to 2022, compared with a global average of 35%

Govt bailout of Go First unlikely unless engine issue resolved: Dy Minister

Deputy Aviation Minister VK Singh said the government has offered help to US-based Pratt & Whitney

Air India pilots get more time to accept revised compensation structure

Air India has given more time to pilots to accept the revised compensation structure, which has been opposed by two pilot unions, according to a source. The decision to provide more time to pilots who are yet to sign the new contracts also comes days after Air India organised a town hall meeting with many pilots to discuss their concerns. The source said the airline has given time till the end of this week for signing the new contracts apparently due to requests from people who had not earlier accepted the revised compensation structure. There was no comment from Air India on extending the deadline. Initially, the deadline for accepting the new contracts had ended on April 30. The move to extend the deadline also comes at a time when crisis-hit Go First has stopped flying and its future remains uncertain, a scenario that has also resulted in many of the budget carrier's pilots seeking job opportunities elsewhere. The source said that nearly 800 pilots who had not accepted the new

Here's why airlines keep folding in India's booming aviation market

The lure of aviation has proven particularly attractive - and brutal - for wealthy entrepreneurs, eager to enter a burgeoning sector and wooed by the status of owning an airline

Go First extends flight cancellations till May 12, awaits NCLT's order

The extension comes as the National Company Law Tribunal reserved its order on Go First's plea for an interim moratorium

Lessors seek deregistration of 23 Go First planes to secure their assets

Go First has 54 Airbus aircraft in its fleet and 26 of them were in operation until Tuesday when the airline filed its insolvency application

Lessors oppose Go First's insolvency resolution plea; NCLT reserves order

Airline seeks interim moratorium

DGCA asks Go First to refund passengers; airline scraps flights till May 9

Airline has filed for bankruptcy, blames engine supplier Pratt & Whitney for cash crunch

Go First losses exceed combined profit of listed Wadia group firms

Accumulated losses at Go First go beyond net worth of other group firms

Go First saga: The engine dispute at the heart of bankruptcy filing

(Reuters) - Cash-strapped Indian airline Go Airlines (India) Ltd, recently rebranded as Go First and previously as Go Air, filed for bankruptcy on Tuesday, blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet.

'Tough times': Go First staff hopes airline survives, scouts for options

Some pilots of troubled airline have joined airlines in West Asia in recent weeks and others have approached IndiGo

Go First bankruptcy: IndiGo, SpiceJet good momentum plays, say analysts

Apart from IndiGo, Tata group-owned Air India, could be the second key beneficiary given its strong fleet and balance-sheet strength

Doing everything possible with utmost care for employees: Go First CEO

Go First chief Kaushik Khona has told employees that the airline has been crippled by recurring Pratt & Whitney engine troubles and assured that the carrier is doing everything possible to navigate the situation with utmost care and concern for all staff. The no-frills carrier has filed an application for voluntary insolvency proceedings and has also cancelled all its flights for three days starting Wednesday. In a message to employees late on Tuesday, Khona said that a terrible crisis has been created by Pratt & Whitney's failure to supply engines. For more than 12 months, the airline's management has tried their level best to convince P&W to provide spare engines, repair engines. However, P&W has been stonewalling the discussions, the CEO said, adding that it moved Emergency Arbitration in Singapore. According to the airline, the arbitrator ordered P&W to supply at least 10 serviceable spare leased engines by April 27 and a further 10 spare leased engines per ...

Go First saga begins to hit passengers with flights diverted, cancelled

Three flights diverted from Mumbai eventually return after getting clearance to land

Go Airlines' lenders may meet on Wednesday to plan further course of action

As of April 30, the company had not defaulted on any of these dues, Go First said in a filing

Go First bankruptcy seen helping rivals, boosting airfares in India

Shares of India's largest airline IndiGo rose by more than 8% on Wednesday, a day after cash-strapped airline Go First filed for bankruptcy, blaming "faulty" Pratt & Whitney engines

Top Headlines: Go First's bankruptcy, extension on Adani row probe and more

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