Jet Airways faces imminent shutdown without emergency funds

17 April, 2019, 19:35 | Author: Eric Barnett
  • Jet Airways

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.



Alan Garcia, Peru’s ex-president kills himself before arrest
In November he sought refuge in the Uruguayan Embassy and applied for asylum but he left the next month after it was denied. The attempted arrest took place at 6:30 a.m. (1130 GMT) at Garcia's home in the posh Miraflores neighborhood of Lima.

All the Signs Meghan Markle Might Run Her Royal Instagram Account
When will the Royal Baby be born? Fortunately, there have been a few clues that may reveal whether the baby is a boy or girl. Now, we're not saying that the Duke of Sussex hasn't changed since his union with Meghan. because he has.

Edited version of Russian Federation probe report to be released
So I think, I think Thursday's going to be a day where you'll see the Democrats making a lot of molehills into mountains. This "Deep State" theory is dependent on ongoing cases in USA attorneys' offices involving Trump's financial dealings.

Jason Kenney's UCP projected to win majority government in Alberta
Both elected single members to the 87-seat legislature last time around and were hoping to come up the middle. Once Kenney is sworn in, Canada will have no women premiers.

Jet Airways Pilots Appeal To PM Modi To Save 20,000 Jobs
Last month, Goyal and his wife Anita Goyal stepped down from the board of the airline, which has more than Rs 8,000 crore debt. It also announced the resignation of one of its independent directors, Rajshree Pathy, from the company for other commitments.

Kim Jong Un set to meet Russia's Putin
Kim said in the speech that he is willing to try a third summit with Trump, but only if the United States changes its approach. Kim said South Korea should not "pose as a meddlesome "mediator" and "facilitator" between the North and the United States.

Game Of Thrones Sophie Turner reveals emotional depression battle
The Jonas Brothers' recently reunited for Sucker , which also featured Priyanka, Sophie and Danielle Jonas (Kevin's wife). Sophie Turner was just a young teen when she rocketed to fame as Sansa Stark on Game of Thrones in 2011.

Will Apple's streaming service be able to offset the declining iPhone sales
With its new credit card Apple is betting that younger consumers will value convenience and privacy over generous cash rewards . However, the Cupertino-based company has confirmed the service will come to the United Kingdom and Australia later this year.

Honor 20 series set for London launch on May 21
The smartphone, reportedly dubbed Honor 8S , will come with a waterdrop notch display and an octa-core processor under the hood. The two phones will probably resemble the HONOR View20 to a degree as well, or at least that's expected to happen.

Update On Ronda Rousey Taking Time Away From WWE
The Man handed Rousey her first loss by pinfall in controversial fashion and painted a huge target on her back in the process. I do think that say next year, [if] there isn't as an intriguing story, no the women should not main event.