Jet fails on interim funding; ops to be suspended (Lead)
Wednesday - April 17, 2019 6:54 pm , Category : BUSINESS
Mumbai, April 17 (IANS) Jet Airways will temporarily suspend all flights 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 said that they remain 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 grounding of over 90 per cent of its fleet by lessors.Awaiting the outcome of lenders' meet with the government, the cash-starved airline has 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.