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India’s Jet Airways halts all international and domestic operations

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One of India’s major airlines, Jet Airways, has announced it is temporarily halting flight operations on Wednesday after the carrier failed to secure the “critical interim funding” necessary for the company to remain afloat.


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Jet Airways will operate the last flight on Wednesday as it cancels all its international and domestic flights, the airline said in a statement. It explained that it cannot afford to pay for fuel or other critical services to keep the operations going, as all its months-long attempts to seek both interim and long-term funding were in vain.

“Unfortunately, despite its very best efforts, the airline has been left with no other choice today but to go ahead with a temporary suspension of flight operations,” the statement reads.

Earlier this month, the airline’s fleet was significantly reduced to just five aircraft and it was forced to suspend international operations. On Wednesday, the Jet Airways website listed only 37 domestic flights and had an additional nine-page list of canceled flights, saying that the schedule was impacted by “operational reasons.”

The troubled company failed to receive a stop-gap loan of about $217 million from its lenders as part of a rescue deal agreed in late March, Reuters earlier reported.

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“Bankers did not want to go for a piecemeal approach which would keep the carrier flying for a few days and then again risk having Jet come back for more interim funding,” an unnamed bank source in the negotiations on the debt resolution process told the agency.

The uncertainty over the crucial funding crashed Jet Airways stock on Tuesday, with shares plunging around 20 percent.

Employees have been hit hardest by the crisis in the company and have reportedly not been paid in months. The pilots even called on the State Bank of India (SBI) to release the necessary funds and appealed to India’s Prime Minister Narendra Modi to save 20,000 jobs which may be lost in the shutdown.

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Spain-Holiday.com has new owners

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The Spanish holiday rental platform, Spain-Holiday.com, has new owners from the 1st of April. The company’s founder and sole owner until the end of March, Claus Sorensen, will be sharing ownership in equal conditions with Jan Dal Lehrmann, Kenneth Andersen and Jannich Friis Petersen.

  • Jan Dal Lehrmann, Kenneth Andersen and Jannich Friis Petersen have become the new co-owners of the holiday rental platform together with Claus Sorensen, founder and former sole owner, owning 25% shares each.
  • This ownership change will strengthen the activity of Spain-Holiday.com in the Spanish holiday rental industry thanks to the input and knowledge provided by the new co-owners: experience in digital businesses, unique know-how and strategic vision.

For Claus Sorensen this is a step “that will strengthen Spain-Holiday.com’s ability to set a strategy for strong performance in the coming years. With the incorporation of Jan, Kenneth and Jannich to the company we will be able to strengthen our brand value and attribution in Spain and we’ll have the opportunity to develop a more ambitious expansion plan”.

Each one of the new owners provides an important professional value to the management of the company and share the same objective of achieving the long term goals planned for Spain-Holiday.com. The four of them add up many years of experience in managing online businesses in Europe, the knowledge of developing niche and new markets and the development of B2B-B2C strategies.

The new owners of Spain-Holiday.com

Jannich Friis Petersen is 45 years old and is the current CEO for Spain-Holiday.com and with this acquisition, he states that “I have defined even more my commitment and dedication to this company that now has even more potential to offer the best holiday homes in Spain for European travellers. We’ll live exciting years in the holiday rental industry and Spain-Holiday.com will make a landmark”.

Jan Dal Lehrmann is 50 years old and has, after successful exits of Bilbasen (Co-founder) and Benjamin Media (Investor and CEO) devoted the past 8 years of his life to investing in startups, helping them with everything from common sense, strategy, scaling and internationalization via an active non-executive role. Previous investments and exits include Bilbasen, Autobutler, Bazoom and Benjamin Media. For Jan, “the potential of Spain-Holiday.com attracted me since the first time I spoke to Claus and I am sure that we will take the company to the next level”.

Kenneth Andersen is 47 years old and founder and owner of several online businesses, having a portfolio of more than 50 websites. Former Head of motors in eBay Classifieds Northern Europe and CEO of Bilbasen.dk, the leading motors vertical in Denmark. Has been working with building digital business since 1999, both as CEO and investor. Has been a member of the board in Spain-Holiday.com since 2017.

Claus Sorensen is the founder of Spain-Holiday.com and, until the end of March, its sole owner. Currently, he owns 25% of the company and since 2018 he has been developing other new projects in Denmark and Spain.

This change will not affect the normal activity of Spain-Holiday.com, which has its headquarters in Malaga (Spain) since 2002 and has 35 employees. Now, the four owners of Spain-Holiday.com will focus on providing the platform user with a unique experience when renting out or booking a holiday home in Spain, consolidating its activity in the tourism industry and setting up future expansion plans.

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Wynn Resorts ends takeover talks with Australia’s Crown Resorts

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Wynn Resorts released the following statement today:

“Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction.”

Shares of Melbourne-based Crown spiked 21% in Sydney, after the Las Vegas Wynn Resorts had approached Crown Resorts about a 10 billion Australian dollar takeover.

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Ailing Avianca’s plan to sell airport slots might be rejected

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Avianca is the fourth largest airline in Brazil, and it has been in judicial recovery since December of last year with debts of approximately R$500 million.

A new plan approved by Avianca’s creditors on Friday is not setting well with Brazil’s anti-trust agency, CADE. The agency said that depending on which competitors buy out Avianca’s main airport slots, the operation may not be approved.

The approved plan includes the partition of the company’s assets into 7 parts, called Individual Productive Units (UPIs). Six of the UPIs will be made up of slots (airport landing and take-off times), employees and aircraft, and the seventh will hold Avianca’s loyalty program, Amigo.

It is CADE’s expectation is that agents will find the best solution to suit the private interests of Avianca’s shareholders and its creditors as well as the public interests of Brazilian consumers.

Included in each UPI will be the registration and authorizations of routes and the right to use slots at Congonhas (SP), Guarulhos (SP), and Santos Dumont (RJ) airports, in addition to the temporary right of use of the Avianca Brasil brand and the Air Operator Certificate approved by the National Civil Aviation Agency (ANAC).

CADE stated that the best case scenario would be for a new company to assume the operation of the units for which there would be no change in the concentration level of the sector. But if the UPIs are acquired by Gol or Latam, the agency sees problems, because these two companies already have high market shares in the main routes in which Avianca operates. Both Gol and Latam have announced interest in purchasing some of the Avianca’s assets.

Azul Airlines had announced earlier that it had made an offer to acquire Avianca Brasil’s assets, including airplanes and airport slots for US$105 million.

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United Airlines appoints new VP

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United Airlines today announced Michael Leskinen has been named vice president of Corporate Development and Investor Relations. Leskinen currently serves as managing director of Investor Relations. In his expanded role Leskinen will also lead United’s strategic investment activities including United’s investment activity in partner airlines.

“Mike’s experience as an investor and knowledge of the industry, along with his success in building strong shareholder relationships, make him the right executive to also lead our corporate development efforts,” said Executive Vice President and CFO Gerry Laderman.

“We have demonstrated that United is on the right path with our strategic plan and have just begun to realize United’s full potential. As we look to the future, we will continue to make disciplined investments that further our competitive advantages. Mike’s background makes him uniquely qualified to weigh those investments against the intrinsic value in our own shares,” said President Scott Kirby.

Leskinen joined United in January 2018 and in that time has played a vital role in improving the company’s relationship with shareholders. Prior to joining United, Leskinen was an executive director at J.P. Morgan Asset Management, where he led the firm’s investment efforts in aerospace, defense, and airlines.

Leskinen received his bachelor’s degree in finance from Arizona State University and his M.B.A. from the University of Pennsylvania. Leskinen will report to Laderman. Leskinen and his wife live in Chicago and have three daughters.

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