INSUBCONTINENT EXCLUSIVE:
Jet Airways owes vast sums to lessors, suppliers, pilots and oil suppliers
Jet Airways' group of
lenders said on Thursday that they are "reasonably hopeful that the bid process is likely to be successful"
The statement from the lenders, led by State Bank of India (SBI), came a day after the airline suspended all its flight operations
Jet Airways - once India's largest private sector airline - took the decision to stop flying on Wednesday evening after the lenders
declined to release emergency funds for the carrier
Saddled with a debt pile of more than Rs 8,000 crore, Jet Airways is struggling to stay afloat as it owes vast sums to lessors, suppliers,
Here are 10 things to know about Jet Airways' crisis:In its statement on Thursday morning, the consortium of lenders said:
government has directed the civil aviation secretary to review the issues ailing the airline
On Wednesday, the ministry said that meetings with airports and airlines would be held the next day.Announcing its decision to stop flying
on Wednesday, the airline stated that it 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"."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," it said.Jet Airways is
compelled to cancel all its international and domestic flights
"The last flight will operate today," it noted.The carrier needs an immediate fund infusion to get its planes back in the air and restore
some of its key sectors to start generating revenue.The group of lenders want a new investor to buy a stake of up to 75 per cent in Jet
process would conclude on May 10.Before its decision to finally suspend all of its flying operations, the airline had been losing planes in
recent weeks as lessors scrambled to de-register and take back their aircraft.Jet Airways shares plunged as much as 34 per cent in morning
On the National Stock Exchange (NSE), the stock fell to as much as Rs 158.70 apiece, compared with the previous close of Rs 240.50.(With
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