Jet Airways suspends operations as banks reject emergency funding

CANCEL Flights stopped by Jet Airways

CANCEL Flights stopped by Jet Airways

Jet Airways is all set to end its operations from tonight after the ldenrs rejected its appeal for additional funding to stay afloat. Not recognised and instead slammed in every possible way.

Earlier this month, the airline's fleet was significantly reduced to just five aircraft and forced to suspend global operations.

The airline said: "Late last night, Jet Airways 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".

The cash-strapped airlines Tuesday said it is awaiting "emergency liquidity support" from the SBI-led consortium of lenders to arrest the further deterioration in its services. This comes close on the heels of lenders rejecting a Rs 400 crore emergency funding.

Earlier on Tuesday, Indian business channel BTVI said Jet's board had authorized Dube to seek a minimum of 4 billion rupees (S$78 million) in interim funding, and had advised him to ground the airline if no funds materialized. In the last five years, airlines like Air Pegasus, Air Costa, Air Carnival, Air Deccan, Air Odisha and Zoom Air have all gone belly up.

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Stewardesses from Jet Airways (L) and Etihad Airways listen to a news conference by Naresh Goyal, chairman of Jet Airways and James Hogan, chief executive of Abu Dhabi's Etihad Airways, (both not seen) during a news conference in New Delhi July 23, 2014.

Passengers from within and outside the country who had booked tickets with Jet Airways faced inconvenience and were left stranded at various airports, as per media reports.

Mehta's comments come after Jet informed all employees in a letter on Monday it was extending a suspension of global flights until Thursday due to a lack of funds. The National Aviator's Guild (NAG), Jet's pilots' body, also asked Prime Minister Narendra Modi to help save 20,000 jobs. The Guild also postponed their scheduled strike over the non-payment of salaries.

It has repeatedly defaulted on loans and failed to pay staff in recent months. A senior official of the aviation regulator said that ticket prices on high-density routes have increased up to 30 per cent over the last one month.

"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.

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