Flight suspensions hit Jet Airways shares amid crisis meeting

Flight suspensions hit Jet Airways shares amid crisis meeting

Flight suspensions hit Jet Airways shares amid crisis meeting

Business Standard quoted sources saying the airline had only enough fuel to keep its seven remaining jets running until Tuesday afternoon.

Amid acute financial crunch crippling its operations, Jet Airways management is awaiting clarity on receiving fresh funds after which a decision would be taken on continuing operations.

The airways is now reeling under $1.2 billion in debt with its air operations at a near-standstill.

Industry insiders says without extra funds, the airline might have to temporarily suspend operations.

(MENAFN - Kashmir Observer) NEW DELHI - Aviation watchdog DGCA Tuesday asked airlines to reduce fares on ten domestic routes to "reasonable levels" as ticket prices on these high-density routes have risen up to 30 per cent in last one month, according to a senior official.

Jet's woes have intensified as the airline that once operated around 120 aircraft is now left with just a 16-plane fleet.

A section of the Jet Airways management was in favour of a temporary shutdown until emergency funds are made available, two people aware of the development said, requesting anonymity.

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The lenders met for several hours on Monday but failed to agree on how to proceed.

State Bank of India, the lead lender to Jet Airways, did not respond to Mint's query about the options before the lenders.

"Cooperation by and support from all the other stakeholders will be the key to the success of the process", it added.

Local media have reported that as many as six parties have submitted expressions of interest, though it is still far from clear if an acceptable bid will materialise.

Jet Airways has a debt burden of more than Rs 8,000 crore.

SBI Caps, the merchant banking arm of SBI, is now shortlisting investors who would then be able to submit their proposals by April-end.

A collapse of Jet would deal a blow to Prime Minister Narendra Modi's pro-business reputation as he seeks a second term in ongoing national elections.

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