Debt-Laden Jet Airways Lenders Plan To Sell Up To 75% Stake

Understanding what lies ahead of Jet Airways

Business 13 Apr 2019 What will happen to cash-strapped Jet Airways An explainer

Jet Airways flies between Amsterdam and Bengaluru (commonly known as "Bangalore"), Delhi, and Mumbai in India, and also Toronto, Canada.

Speaking to the BBC one pilot said, "We haven't been paid for the last four months".

This week, it reduced its operations to only seven aircraft flying domestic routes.

The union of more than 1,100 pilots as members, National Aviator's Guild (NAG) also sought help from Prime Minister Narendra Modi in saving 20,000 jobs at stake.

After the meeting, Kharola said the carrier had money to operate 6-7 planes over the weekend and that the lenders would have to decide how many jets it could fly after Monday afternoon, news channel ET Now reported on Friday.

The airline is going through a severe turmoil with its global operations suspended.

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The employees of debt-ridden airline demonstrated at the Indira Gandhi International (IGI) here to press for their demand.

The pilot union of cash-strapped airline Jet Airways on Sunday deferred their "No Pay No Work" decision, for the time being, adding that the final call will be taken after a critical meeting on Monday.

The airline's pilots along with engineers and senior staff were last paid for December, 2018.

The State Bank of India (SBI)-led lenders took control of Jet last month, pledging to give US$218 million of "immediate funding support" as part of a debt resolution plan.

After creditors started taking claim of aircraft owned by Jet Airways, they have cancelled all worldwide flights till Monday. Earlier, the Indian government was said to be looking into options to save jobs at Jet Airways, including by asking other airlines such as low-priced operator SpiceJet consider taking over some aircraft, according to people familiar with the matter.

Even the airline's unpaid employees were upset, which led to an employees' association asking the Mumbai Police to register a case against the company's founder and former Chairman Naresh Goyal, Chief Executive Officer (CEO) Vinay Dube and State Bank of India (SBI) Chairman Rajnish Kumar. The airline, which is close to being shut down if its lenders don't transfer funds, had also deferred paying March salaries to all its employees.

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