"My Sympathies To Naresh And Neeta Goyal": Vijay Mallya On Jet Crisis

17 April, 2019, 18:26 | Author: Regina Silva
  • Jet Airways,Vijay Malyya,Naresh Goyal

"Airline Karma?" he said.

It added that this has been a very hard decision but without interim funding, the airline was simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of its guests, employees, partners and service providers.

Troubled Indian airline Jet Airways has temporarily suspended all its domestic and worldwide flights after failing to find fresh funding.

The consortium took control of Jet in March, pledging to give $218m in "immediate funding support" as part of a debt resolution plan. But, thus far, they have only disbursed less than Rs 300 crore - and that in small amounts - citing procedural delays. Many airlines are in talks with lessors of Jet's repossessed planes. The carrier has already suspended worldwide operations till April 18.

Jet Airways had requested its lenders for aditional Rs 400 crore but it was rejected. 10 more aircraft are expected in May 2019.

"Please note that in view of the critical liquidity position of the Company, its operations have been severely impacted".

"Late last night, Jet Airways 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", the airline said.

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"This has been a very hard 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 providers", it added. "It is likely that the lenders may release some funding tonight", said the source.

Also read: Catch-22: Jet Airways has put bankers in a situation they hate!

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". "The last flight will operate today", it said, adding that the decision would take "immediate effect".

Stewardesses from Jet Airways (L) and Etihad Airways listen to a news conference by Naresh Goyal, chairman of Jet Airways and James Hogan, chief executive of Abu Dhabi's Etihad Airways, (both not seen) during a news conference in New Delhi July 23, 2014.

According to NAG, which has around 1,100 members, the airline is only operating around 450 seats per day. He added that while the airline's management has said that salaries would be paid from the additional funding only, SBI has a contrary stand. The impact of Jet crisis is visible in airline stock prices.

The DGCA had a meeting with airlines on Tuesday.

Jet Airways has arrived at this dire crossroads nearly 26 years after getting its first two aircraft. Jet Airways said that it has informed the Directorate General of Civil Aviation, and the Ministries of Civil Aviation and Finance and other relevant government institutions, of this course of action.

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