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India's Jet Airways to suspend operations after banks reject funding request
17 April 2019, 06:40 | Joann Bryant
CANCEL Flights stopped by Jet Airways
The agony of Jet Airways might soon be over. The airline, which has roughly 16,000 employees, has in recent weeks been forced to cancel hundreds of flights and to halt all flights to overseas destinations, as funds have dried up. Tonight 9W-2502 (Amritsar-Bombay-Delhi) will be last flight of beleaguered airline before a temporary closure.
The company said Wednesday that it has been informed by its lenders, led by state-run State Bank of India, that they are unable to consider its request for funding to keep flying.
"The last flight will operate today", it added.
Airways. We have also informed the DGCA, and the Ministries of Civil Aviation and Finance and other relevant government institutions, of this course of action.
In its response to the airline's request for immediate funds, the lenders said, "The Expressions of Interest (EOI) have been received and bid documents have been issued to the eligible recipients today".
A report by Economic Times said that SBI Capital Markets had the mandate for Jet Airways sale on behalf of the SBI-led consortium of the domestic lenders to the debt-ridden private carrier. Among the other things discussed were the steadily increasing fares on other airlines and flight cancellations with Jet Airways steadily reducing its operations.
"With immediate effect, we are compelled to cancel all our worldwide and domestic flights".
It was not immediately clear who else might bid for the company.
Since the 25 March resolution to infuse Rs 1,500 crore into the airline is yet to fructify, the once leading airline has been defaulting on payments, forcing its lessors to retake nearly all its planes and was operating just about six planes as of Tuesday. The bid process will conclude on 10th May 2019 ...
After a board meeting Tuesday, the management had authorised chief executive Vinay Dube to make one last appeal to the lenders for an emergency Rs 400 crore funding, and if not the demand is not met, take a final call on the future of the airline Wednesday.
Over the past 25 years, Jet Airways has established itself as India's airline of choice and the flag-bearer of warm Indian hospitality around the world. The email said: "As you are aware, we have been working with the lenders to secure interim funding for our operations".
A collapse of Jet, and the loss of more than 20,000 jobs, would deal a blow to Prime Minister Narendra Modi's pro-business reputation as he seeks a second term in ongoing national elections.
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