Jet Airways faces imminent shutdown without emergency funds

Jet airways

Mumbai: Jet Airways founder Naresh Goyal has decided not to bid for acquiring stake in the cash-strapped airline, sources said Tuesday. Meanwhile, the urgently-needed rescue aid from banks is still not confirmed as lenders can not agree as to the best course of action.

Jet Airways is grappling with acute financial crunch and is operating less than 10 planes besides temporarily suspending worldwide operations till 18 April.

Jet Airways' shares crashed this morning amid reports that its board has proposed a total operational shutdown. However, on April 15, the lenders could not agree to transfer the funds. "The interim funding has not been forthcoming thus far and as a result of which we have extended cancellation of worldwide operations through Thursday, April 19", he wrote. The airline's board will meet on Tuesday morning to see what to do now in the absence of the funds that were required to keep operating.

Separately, ET Now reported that the Export-Import Bank of the United States (EXIM) had recalled all loans to Jet and was seeking to repossess all the planes it funded.

"The airline has failed to garner the funds it was desperately looking for to continue operations", he said. "SBI Capital Markets is working on the revival package for Jet Airways", Mehta told reporters here. "The interim funding has not been forthcoming thus far, and as a result of this we have extended cancellation of global operations through Thursday".

On Monday, SBI said the bid process for the orderly sale of equity in Jet Airways is now being run by SBI Caps and is being vetted by the legal team and the prospective bidders will be shortlisted by SBI Caps shortly.SBI spokesperson Monday also said, "The bid process for the orderly sale of equity in Jet Airways is now being run by SBI Caps and is being vetted by the legal team".

India's aviation secretary told media late on Tuesday that Jet had only five aircraft flying on the day and that 90 percent of its slots stood vacant.

A senior official at DGCA said that ticket prices on high-density routes have risen up to 30 per cent in last one month.

A year ago Jet had more than 120 planes operating, but the full-service airline has been hit by competition from low-priced carriers such as IndiGo and SpiceJet, along with high oil prices, fuel taxes and a weak rupee.

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