Published: Wed, April 17, 2019
Money | By Ralph Mccoy

Jet Airways Suspends All Flights As It Fails To Get Emergency Funds

Jet Airways Suspends All Flights As It Fails To Get Emergency Funds

Taking to Twitter, Mallya held the central government responsible for the collapse of his Kingfisher airlines as well as Jet Airways, an airline, he said, India should be "extremely proud of". Mallya expressed solidarity with the Goyals in another tweet.

Also, in order to retain the wide-bodied aircraft, Jet Airways will need substantial funding soon. "It will help them to save Jet Airways if nothing else", the liquor baron said.

Mallya said that he invested a large sum of money in Kingfisher to make its India's largest airline and admitted that it became possible only after he got loans from private as well as public sector banks.

Speaking to newspersons after an interaction with Rajiv Kumar, Secretary, Department of Financial Services, Sunil Mehta Punjab National Bank Managing Director & CEO, said: "Discussions for reviving the airline are under way and nothing has been finalised as of now".

"I am willing to pay either way whether I am in London or in an Indian Jail". The development came amid its pilots' union appealing the lenders and the prime minister to the save the debt-ridden airline.

Jet Airways said it had no choice but to suspend the flights, but hopes to start flying again.

The UK's Civil Aviation Authority has set up a page offering advice to those affected by cancellations. "Interim funding has not been forthcoming thus far, & as a result of this we have extended cancellation of worldwide operations through Thursday, April 19".

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Jet is the second-largest carrier in the country by passengers served, and has been racking up debt for months.

As funds from lenders remain elusive, Jet Airways' last flight will be operated at 10:30 pm on Wednesday.

In a filing before the Bombay Stock Exchange (BSE) and a statement to the media, Jet Airways said that it was informed by the State Bank of India (SBI), on behalf of the consortium of Indian Lenders, that they are unable to consider its request for critical interim funding.

DGCA on Tuesday asked airlines to reduce fares on ten high-density domestic routes to reasonable levels.

Intense competition from low-priced carriers, like Interglobe-owned IndiGo and SpiceJet Ltd, together with higher oil prices, hefty fuel taxes and a weak rupee have piled pressure on the airline in recent months.

Dube, in a letter to employees late on Tuesday that was seen by Reuters, said Jet has stressed to its lenders the need for urgent funding, critical to the continuation of its operations.

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