Sunday, 16 June, 2019

Interim funding not forthcoming, board to meet on Tuesday: Jet Airways

With no funds coming from lenders, Jet Airways now seeking divine intervention Amid reports of Jet Airways temporary shut down, Goyal opts out from bidding
Jean Garcia | 17 April, 2019, 19:33

With lenders to Jet, unwilling to pump in the promised Rs.1500 cr., which they had said that they would do; the airline is now heading to an imminent closure.

The management of cash-strapped Jet Airways will take a final call by end of the day on whether to continue operations as the airline makes last ditch efforts to raise funds, people in the know said Tuesday.

"Discussions for reviving the airline are underway and nothing has been finalised as of now", Punjab National Bank Managing Director and CEO Sunil Mehta told reporters.

Early today, shares of Jet Airways tumbled almost 19 per cent in intra-day trade after the debt-laden airline extended the cancellation of worldwide operations till April 19 as the lenders failed to reach a consensus on releasing emergency interim funds to the airline.

Jet Airways' shares crashed this morning amid reports that its board has proposed a total operational shutdown.

With the delay in fund infusion, Jet's operations have been shrinking. The carrier said it was awaiting "emergency liquidity support" from its lenders.

National Football League schedule will be released on Wednesday
We know from the league-wide announcement last week, that the Green Bay Packers and Chicago Bears would kick off the 2019 season. How many primetime games will the Redskins have in 2019? The Seahawks' 2019 opponents, meanwhile, are already set.

Representatives of various lenders to Jet Airways are also understood to have discussed issues related to Jet Airways with Financial Services Secretary Rajiv Kumar. Sources have informed the board that operations will be unsustainable.

Reeling under a debt of over Rs 8,000 crore, Jet Airways has grounded nearly its entire fleet and is now operating only 5 planes, according to civil aviation officials.

The board of the full service carrier, which is now operating less than 10 aircraft, is meeting in Mumbai on April 16.

In his message to employees, Dube said the airline has been working with lenders to secure interim funding for its operations.

Pursuant to a debt resolution plan approved by the airline's board last month, SBI Capital Markets, on April 8, invited Expression of Interest (EoI) from potential investors to buy out 75 percent stake in the airline.

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