Tuesday, 23 July, 2019

Jet Airways likely to shut down; Board meeting underway

Jet airways With Jet unable to use the slots Etihad have to make a quick decision
Russell Knight | 17 April, 2019, 19:32

Mumbai: Shares of Jet Airways (India) Ltd fell almost 8% Tuesday amid reports that the company is likely to temporarily shut down its operations.

The airlines will hold a board meeting on Tuesday to chalk out future course of action after the airline failed to get emergency funding from lenders.

On Tuesday, the BSE sought clarification from Jet Airways on reports that it is likely to temporarily shut down its operations. Jet management has informed the board that lenders are still divided on the issue of interim funding, the sources said requesting anonymity.

The cash-strapped airline has already suspended its global operations till April 18. The carrier said it was awaiting "emergency liquidity support" from its lenders.

In the letter to the lender, the company has highlighted the specific areas that will be immediately impacted, should the funding not be forthcoming, Dube said. Jet CEO Vinay Dube wrote to employees on Monday evening after meeting lenders: "As you are aware, we have been working with the lenders to secure interim funding for our operations".

"Discussions for reviving the airline are underway and nothing has been finalised as of now".

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Jet Airways temporarily suspends all flights
Shares in the company, which have tumbled about 60 percent in the a year ago , closed on Tuesday at 240.50 rupees a share. According to NAG, which has around 1,100 members, the airline is only operating around 450 seats per day.

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CNBC-TV18 said Jet's lenders were likely to invite binding bids from four shortlisted suitors.

"Directed Secretary @MoCA_GoI to review issues related to Jet Airways, especially increasing fares, flight cancellations etc", Prabhu said in a tweet.

These include private equity firms TPG Capital and Indigo Partners, Indian sovereign wealth fund National Investment and Infrastructure Fund (NIIF), and the UAE's Etihad Airways, which already owns a minority stake in Jet, it said.

The full service carrier, which is now operating less than 10 aircraft, is awaiting fresh fund infusion under a debt resolution plan.

Following Jet Airways grounding its planes, many passengers were left stranded at the airports, who took to social media to complain.

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