Jet Airways seeks emergency funds, operates only 5 planes

JetBlue A320

JetBlue would love some Heathrow slots

"The Company's leadership, in consultation with its Board of Directors, is engaged with lenders in connection with the emergency funding request to arrest a further deterioration of its services and minimise inconvenience to its guests", Jet Airways said in a filing to the Bombay Stock Exchange.

Jet Airways aircrafts are seen parked at the Indira Gandhi International Airport in New Delhi, India, April 13, 2019.

Lenders of Jet Airways led by the State Bank of India (SBI) are now in the process of selling their stakes in the airline to recover the dues to the tune of over Rs 8,400 crore.

On April 15, lenders did not take a final decision on providing emergency funds to the cash-strapped carrier.

The board has asked CEO Vinay Dube to engage with lenders on interim funding for one last time, sources said, adding that Dube has been authorised by the board to announce complete halting of operations by evening if lenders do not agree to release the funding.

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"The airline has failed to garner the funds it was desperately looking for to continue operations", he said. Meanwhile, the airline has extended suspension of its global operations till April 18.

Only the shortlisted candidates will be allowed to bid, said the sources on condition of anonymity.

"The interim funding has not been forthcoming thus far, and as a result of this, we have extended cancellation of global operations through Thursday, April 18", Jet Airways Chairman Vinay Dubey said in a statement on Monday.

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.

India's aviation secretary told media late on Tuesday that Jet had only five aircraft flying on the day and that 90 percent of its slots stood vacant. More than two dozen Jet-operated planes have been de-registered this month, and Jet has been forced to ground dozens more over unpaid dues.

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