India’s Jet Airways suspending operations, no money to fly

India’s Jet Airways suspending operations, no money to fly

India’s Jet Airways suspending operations, no money to fly

Jet Airways on Tuesday evening had sent a final SOS to banks for immediate release of at least Rs 400 crore to avoid a complete shutdown by end of day.

"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".

Separately, ET Now reported that the Export-Import Bank of the United States (EXIM) had recalled all loans to Jet and was seeking to repossess all the planes it funded.

Over the last several weeks and months we have tried every means possible to seek funding, both interim funding as well as long term funding, to keep our operations going, but we were not successful.

Air travellers should brace for a hike in fares, especially if they are planning their journeys less than a week ahead; while those booked on Jet Airways' flights could find it hard to get their money back. It had also requested around £166m from its lenders. Jet Airways sincerely and profusely appologises for the disruption to the travel plans of all its guests.

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Pilots, engineers and ground staff have not been paid for months while passengers have been left stranded around the world.

With the rescue package for the cash strapped airline still elusive and the suspension of It's worldwide operations most likely to continue even after April 18, Jet has started to book tickets for its passengers on other airlines. In recent weeks, the airline has been forced to cancel hundreds of flights and to halt all flights to overseas destinations.

Indian airline Jet Airways has announced the suspension of all domestic and worldwide operations.

Jet Airways, once India's largest airline, announced on Wednesday that it is suspending all operations after failing to raise enough money to run its services. The 63-year-old liquir baron is wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crores. After news of the temporary suspension, there are now fears that India's Aviation Regulator could pull Jet Airways licence. Meanwhile, lessors are rushing in to take back their planes. On April 17, 2019, lessors have applied to deregister four more Boeing 737s, so the planes can be retrieved and re-leased, Reuters reports.

Jet's creditors, led by SBI, want a new investor to acquire a stake of up to 75 percent and initial expressions of interest were submitted last week. At its peak, Jet operated over 120 planes and well over 600 daily flights.

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