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Jet fails on interim funding; ops to be suspended

Jet Airways will temporarily suspend all flight operations from tonight after it failed to secure interim funding of Rs 400 crore for maintaining even bare minimum operations, sources said on Wednesday.
 
The airline currently only operated five aircraft with over 25 flights.
 
The development assumes significance as just a day before the airline's lenders had said that they remained committed to its revival.
 
"As per the current financial situation, it is not possible to maintain operations without any further funding. Operations will cease from tonight," sources told IANS here in Mumbai.
 
The airline will operate its last flight for the day at around 10.30 p.m.
 
Jet has already folded up most of its operations due to the grounding of over 90 percent of its fleet by lessors.
 
Awaiting the outcome of the lenders' meet with the government, the cash-starved airline had extended cancellation of international flights till April 18 (Thursday) after last week suspending them till April 15 (Monday).
 
Jet owes over Rs 8,000 crore to the SBI-led consortium of lenders. Its only ray of hope is an immediate injection of interim funding and the completion of the stake sale process initiated by lenders.
 
IANS
 

(Our News Desk can be contacted at desk@netindian.in)

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