Monday, 24 June, 2019

Jet Airways temporarily suspends all flights

CANCEL Flights stopped by Jet Airways CANCEL Flights stopped by Jet Airways
Russell Knight | 17 April, 2019, 18:26

Sad that so many Airlines have bitten the dust in India.

In a filing before the Bombay Stock Exchange (BSE) and a statement to the media, Jet Airways said that it was informed by the State Bank of India (SBI), on behalf of the consortium of Indian Lenders, that they are unable to consider its request for critical interim funding. 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. "Almost 90% of Jet slots are unused at the moment and they are being allotted to others temporarily", top aviation bureaucrat said. "This has been a very hard decision but without interim funding, the airline is simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of its guests, employees, partners and service providers", Jet said in the statement.

Mallya described Jet Airways as a fine airline.

Jet Airways aircraft at the Chhatrapati Shivaji Maharaj International Airport in Mumbai on Tuesday.

"If we don't get funds today, the airline will have to shut down immediately", a senior company source told Reuters.

Jet's creditors, led by SBI, want a new investor to acquire a stake of up to 75 percent and initial expressions of interest were submitted last week. "It is likely that the lenders may release some funding tonight", said the source.

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Till late night, it was not clear whether the banks were willing to provide money to the airline to enable it to continue operations.

Jet Airways said it has informed the Directorate General of Civil Aviation, and the Ministries of Civil Aviation and Finance and other relevant government institutions, of this course of action. SBI Capital Markets, which has the mandate for the stake sale on behalf of the SBI-led consortium, is now vetting the initial bids received and as per reports the shortlisted investors will be given time till May 10 to submit binding bids. There has been a backlash on social media about Jet Airways' financial problems.

According to NAG, which has around 1,100 members, the airline is only operating around 450 seats per day.

The Naresh Goyal founded airline, which till recently had 119 aircraft in its fleet, is now flying just five aircraft, most of which are smaller ATRs. Due to this, the airline has neither been able to pay pending salaries nor its lessors and, hence, been forced to ground the bulk of its planes.

It has repeatedly defaulted on loans and failed to pay staff in recent months.

Shares in the company, which have tumbled about 60 percent in the a year ago, closed on Tuesday at 240.50 rupees a share.

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