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Jet Airways Suspends Operations With Immediate Effect Temporarily

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On continuing financial crisis, Jet Airways has suspended all its operations i.e. both domestic and international, with immediate effect. The last flight of Jet Airways will operate on Amritsar-Mumbai route at 2220 IST.

 

Jet Airways Suspends Operations With Immediate Effect Temporarily

In a communication to the company employees, the airlines CEO Vinay Dube said, "Late last night, we were informed by SBI, on behalf of the consortium of Indian lenders that they are unable to consider our request for interim funding of Rs 983 crore. Because no emergency funding from the lenders or any other source of funding is forthcoming, it will not be possible for the company to pay for fuel or other critical services to keep the operations".

The debt-laden company has been trotting for weeks after Jet failed to secure a stop-gap loan of approximately Rs. 1500 crore that was agreed to in late March.

The company further said that the decision to this effect has been put to the notice of all the relevant government institutions, ministries of civil aviation and DGCA. And was taken after a "painstaking evaluation" of all the alternatives available to the company and as guided and adviced by its Board of Directors.

In a note to the stock exchanges, the company said, "Over the last several weeks and months, the company has tried every means possible to seek both interim and long-term funding. Unfortunately, despite its very best efforts, the airline has been left with no other choice today but to go ahead with a temporary suspension of flight operations".

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Read more about: jet airways debt
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