INSUBCONTINENT EXCLUSIVE:
Beleaguered carrier Jet Airways halted all operations on Wednesday after its lenders rejected its plea for emergency funding from the
airline that was once the country's largest private carrier.The airline, known for its "The Joy of Flying" tagline, has been teetering for
weeks, saddled with over $1 billion in debt.Its lenders, led by State Bank of India (SBI), last month agreed to bail it out in a complex
deal that involved the banks taking a majority stake and providing a fresh loan of $217 million, while continuing to look for a new investor
That loan never materialised, gradually crippling the 25-year old airline's operations.Here are some major developments in Jet's
(SBI) chairman says Jet's loan is on watch list
merge Jet with Tata's VistaraDecember 5 - Jet and UAE's Etihad Airways have been holding rescue talks with Jet's bankers, sources tell
Reuters2019January 1 - Jet delays payment to a consortium of Indian banks, led by SBIJanuary 11 - Etihad not "in any position to sink new
equity into Jet at this juncture", says person familiar with Etihad's positionJanuary 17 - SBI says Jet's lenders considering plan to
resolve debt issuesFeb 8 - Airline grounds four aircraft after failing to make payments to lessorsFebruary 14 - Jet's board approves
rescue deal, making its lenders its largest shareholders, to fix a near Rs 8,500 crore funding gapMarch 19 - Government asks state-run banks
to rescue Jet without pushing it into bankruptcy, sources sayMarch 25 - Founder Naresh Goyal steps down as chairman, wife Anita Goyal
Lenders to pump in Rs 1,500 crore in immediate fundingMarch 30 - Jet CEO says airline will pay December salaries to employeesMarch 31 -
Jet's pilots' union says will give carrier's new management two weeks to clear unpaid salaries, defers plan to take strike actionApril 3
- Jet forced to ground more than three-quarters of its fleet as it awaits bailout fundsApril 11 - Jet grounds 10 more planes, fleet size at
less than 20April 12 - Aviation secretary says Jet has funds to stay afloat till April 15, TV channel reportsApril 15 - Jet plans to extend
suspension of international flights, does not get interim fundsApril 16 - Jet will be forced to shut down as soon as Wednesday if it does
not get emergency funding from its lenders, sources tell Reuters($1 = Rs 69.50)Get the latest election news, live updates and election
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