INSUBCONTINENT EXCLUSIVE:
Jet Airways crisis: Jet Airways has debt of more than Rs
8,000 crore.Embattled carrier Jet Airways decided to temporarily suspend all operations from Wednesday night, the company said in a stock
the State Bank of India (SBI), on behalf of the consortium of lenders, that they were unable to consider its request for critical interim
funding, Jet Airways said in the press statement.Since no emergency funding from the lenders or any other source is forthcoming, the airline
will not be able to pay for fuel or other critical services to keep the operations going
Consequently, with immediate effect, Jet Airways is compelled to cancel all its international and domestic flights
The last flight will operate today, Jet Airways said."Bankers did not want to go for a piecemeal approach which would keep the carrier
flying for a few days and then again risk having Jet come back for more interim funding," one of the bank sources directly involved in Jet's
debt resolution process was quoted as saying in a Reuters report.Over the last several weeks and months, the company has tried every means
possible to seek both interim and long-term funding
Unfortunately, despite its very best efforts, the airline has been left with no other choice today but to go ahead with a temporary
suspension of flight operations, Jet said.This has been a very difficult 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
interest documents by bidders for stake in Jet Airways.The lender said, "The Expressions of Interest (EOI) have been received and bid
documents have been issued to the eligible recipients today
The bid documents inter alia has solicited plans for a quick revival of the company
The bid process will conclude on 10th May 2019 We are actively working to try and ensure that the bid process leads to a viable solution
for the company."Jet Airways added that it will continue to support the bid process initiated by the lenders.Get the latest election news,
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