• Home
  • Post a press-release
  • Visibility packages
  • Subscribe email updates
  • Event Calendar
  • Contact

For Immediate Release | Official News Wire for the Travel Industry

Where press releases are breaking news

  • Home
  • Post a press-release
  • Visibility packages
  • Subscribe email updates
  • Event Calendar
  • Contact

India’s Jet Airways halts all international and domestic operations

April 17, 2019 by Forimmediaterelease

One of India’s major airlines, Jet Airways, has announced it is temporarily halting flight operations on Wednesday after the carrier failed to secure the “critical interim funding” necessary for the company to remain afloat.

Jet Airways will operate the last flight on Wednesday as it cancels all its international and domestic flights, the airline said in a statement. It explained that it cannot afford to pay for fuel or other critical services to keep the operations going, as all its months-long attempts to seek both interim and long-term funding were in vain.

“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,” the statement reads.

Earlier this month, the airline’s fleet was significantly reduced to just five aircraft and it was forced to suspend international operations. On Wednesday, the Jet Airways website listed only 37 domestic flights and had an additional nine-page list of canceled flights, saying that the schedule was impacted by “operational reasons.”

The troubled company failed to receive a stop-gap loan of about $217 million from its lenders as part of a rescue deal agreed in late March, Reuters earlier reported.

“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,” an unnamed bank source in the negotiations on the debt resolution process told the agency.

The uncertainty over the crucial funding crashed Jet Airways stock on Tuesday, with shares plunging around 20 percent.

Employees have been hit hardest by the crisis in the company and have reportedly not been paid in months. The pilots even called on the State Bank of India (SBI) to release the necessary funds and appealed to India’s Prime Minister Narendra Modi to save 20,000 jobs which may be lost in the shutdown.

Travel News | eTurboNews

Share this:

  • Twitter
  • Facebook

Filed Under: Press Release Tagged With: and, announced, Aviation News, aviation-website, bank, bankers, best, Breaking Travel News, canceled, canceled flights, carrier, choice, come, company, Corporate News, crashed, Crisis, critical, Days, deal, debt, domestic, domestic flights, domestic operations, earlier, efforts, employees, even, explained, Feature, fleet, flight, flight operations, flights, Flying, forced, fuel, funding, funds, GAP, GO!, halts, hit, in, India, India Travel News, Indias, interim, International, international and domestic flights, International Travel News, IT, jet, Jet Airways, Jobs, just, keep, last, late, lenders, list, Loan, lost, major, major airlines, march, May, million, minister, month, months, negotiations, News articles, only, operate, operational, operations, over, page, paid, pay, percent, pilots, Prime, Prime Minister, receive, release, reported, rescue, resolution, Reuters, Risk, s, said, save, saying, schedule, secure, seek, services, shares, shutdown, significantly, Source, State, statement, stock, stop, suspend, suspension, temporary, term, The Jet, to, today, told, tourism, Transportation News, Travel Destination News, Travelwire News, uncertainty, website, were, World News

Search




Recent Articles

  • Jordan to host 1st edition of City Talk Gathering next October
  • IMEX America opens registration and focuses education program on ‘Pathways to Clarity’
  • Bahamasair Relaunches Nonstop Service from Orlando to Grand Bahama Island
  • Milestone moment: IMEX America honored at AEO Awards
  • Tourism businesses broaden their knowledge of growing online platform, ParrAPI
  • Overseas mission successful in reconnecting with over 100 trade partners
  • TUI invests in Jamaica with educational program and increased airlift
  • Looking for Remote Hiking Adventures? Songtsam Offers Hikers Opportunities to Discover the Natural Wonders of Tibet & Yunnan
  • Where Amazing Comes Together: A Splash of Color, a Dose of Culture, and the Return of Carnival to Curaçao Mark the Grand Opening Celebration of Sandals® Royal Curaçao
  • Corporate events professionals invited to tap into insights from Google Experience Institute at new IMEX online event

Copyright © 2022 · Metro Pro on Genesis Framework · WordPress · Log in