India's Jet Airways to suspend all operations after banks reject funding request
17 April, 2019, 19:28
"The last flight will operate today", it said in a statement on Wednesday, adding that the decision would take "immediate effect".
Late last night, Jet Airways was informed by State Bank of India, on behalf of the consortium of lenders, that they were unable to consider its request for critical interim funding, the airline said in the statement.
Separately on Wednesday, two sources at state-run banks told Reuters news agency that the banks had rejected the 4bn rupees ($58m) that Jet had sought to keep itself temporarily afloat, while its lenders attempted to identify an investor willing to acquire a majority stake in the airline and attempt to turn it around.
On Monday, in a letter to its employees, Jet Airways had said that it planned to extend its suspension of global flights till Thursday as it had not received any interim funding from lenders. Among the other things discussed were the steadily increasing fares on other airlines and flight cancellations with Jet Airways steadily reducing its operations. "This has been a very hard decision but without interim funding, the airline is simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of its guests, employees, partners and service providers", the statement added.
Mehta's comments come after Jet informed all employees in a letter on Monday it was extending a suspension of worldwide flights until Thursday due to a lack of funds.
Also, in order to retain the wide-bodied aircraft, Jet Airways will need substantial funding soon.
India's debt-stricken Jet Airways has announced the suspension of all operations after failing to secure emergency funding from lenders.
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