Jet Airways suspends all flights as lenders reject Rs 400-cr funding

Jet Airways,Vijay Malyya,Naresh Goyal

The 63-year-old liquir baron is wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crores.

"Over the last several weeks and months, the company has tried every means possible to seek both interim and long-term funding". The airline will operate its last flight tonight.

"Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going. and has chose to go ahead with temporary suspension of operations", the airline said.

In internal communication, Jet Airways chief executive Vinay Dube said the lenders could not reach a consensus on the emergency funding and the board would meet again on Tuesday to further deliberate on the matter.

Jet Airways apologised to its customers for disruption of their plans, and said it will inform everybody through text messages or email.

Ending speculation over the next course of action, the crumbling Jet Airways finally announced that it will temporarily suspend operations from Wednesday night.

"Will the money come, or will we shut operations by end of the day?" - the question hangs heavy in the air at Siroya Centre, the Mumbai-based headquarters of Jet Airways. On April 17, 2019, its website lists only 37 domestic flights, explaining the reasoning behind massive cancellations (yesterday alone it canceled ten flights) as "operational".

The cash-strapped airlines Tuesday said it is awaiting "emergency liquidity support" from the SBI-led consortium of lenders to arrest the further deterioration in its services.

The airline, saddled with roughly $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million from its lenders, as part of a rescue deal agreed in late March.

It was not immediately clear who else might bid for the company. Sad that so many Airlines have bitten the dust in India. "We are actively working to try and ensure that the bid process leads to a viable solution for the company". It is offering stake from 31.2 to 75 per cent of the company on a fully diluted basis. The airline has proudly fuelled India's economic engine, enabling business travellers and tourists alike to traverse the length and breadth of India and the world.

Billionair businessman Vijay Mallya, whose Kingfisher Airlines was a big competitor for Jet Airways before it too went bust, took to Twitter to express his sympathy for Naresh Goyal, the airline's founder. "Even during the toughest of times, Jet Airways employees have worn a smile on their face and put their duty to its guests and the nation first", it said in a statement.

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