Jet Airways crisis: The last flight! From Amritsar to Mumbai tonight - What lies ahead on runway for airline?
Jet Airways saddled with near $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million from its lenders.
Debt-hit air carrier Jet Airways Ltd is set to temporarily halt its operations from Wednesday, April 17th mid-night after the bankers rejected the debt-laden carrier's request for emergency funding, news agency Reuters quoted three sources familiar with the matter said on Wednesday. Reportedly, Amritsar-Mumbai Jet flight today midnight would be the last flight before the airline goes for temporary grounding. If the airline suspends its operations as the news reports suggest, Jet Airways would be the 7th airline to be grounded since May 2014. Jet Airways has already suspended its international operations till April 18th.
The airline, saddled with roughly $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million from its lenders, as part of a rescue deal agreed in late March.
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An official announcement of grounding of operations is expected anytime now as the Jet Airways board had Tuesday authorised chief executive Vinay Dube to make one last appeal to the SBI-led consortium to get a life-line of Rs 400 crore Wednesday, before taking a final call on the future. Jet will be the seventh airline to go down since May 2014 and the 13th one after East West was shuttered. (Inputs from Reuters, PTI)