Jet Airways faces imminent shutdown without emergency funds
17 April, 2019, 19:35 | Author: Eric Barnett
With lenders to Jet, unwilling to pump in the promised Rs.1500 cr., which they had said that they would do; the airline is now heading to an imminent closure.
Jet Airways (9W, Mumbai Int'l) has suspended all jet flights and now operates only seven ATR72-500 turboprops, ch-aviation research has indicated.
"Discussions for reviving the airline are underway and nothing has been finalised as of now".
Early today, shares of Jet Airways tumbled almost 19 per cent in intra-day trade after the debt-laden airline extended the cancellation of global operations till April 19 as the lenders failed to reach a consensus on releasing emergency interim funds to the airline.
"Directed Secretary @MoCA_GoI to review issues related to Jet Airways, especially increasing fares, flight cancellations etc", Prabhu said in a tweet.
Jet Airways has more than Rs 8,000 crore in debt and is looking for urgent liquidity infusion to pay its pilots, engineers and make payments to its lessors.
On April 15, lenders did not take a final decision on providing emergency funds to the cash-strapped carrier.
The full service carrier, which is now operating less than 10 aircraft, is awaiting fresh fund infusion under a debt resolution plan.
Earlier on Tuesday, Indian business channel BTVI said Jet's board had authorized Dube to seek a minimum of 4 billion rupees ($58 million) in interim funding, and had advised him to ground the airline if no funds materialized.
Another government official said that approaching the National Company Law Tribunal (NCLT) for Jet Airways is not an option at this stage.
It was operating fewer than 10 planes yesterday and has just seven in circulation today, The Economic Times said, paying fuel suppliers on a day-by-day basis.
"The Jet Airways management's request for Rs 400 crore emergency funds has been rejected", banking sources told PTI.
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Pilots, engineers and ground staff have not been paid for months while passengers have been left stranded around the world. Hence the government has decided not to meddle in the carrier's affairs and let the lenders take a call.
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