Troubled Indian airline Jet Airways has temporarily suspended all its domestic and worldwide flights after failing to find fresh funding. Consequently, with immediate effect we are compelled to cancel all worldwide flights as well as our domestic flights.
With the resumption of flights on this route looking bleak, Jet has started to accommodate its passengers on other airlines including Air India which operates flights to many European destinations like Rome/Milan, Paris, Frankfurt, Vienna, Stockholm, Copenhagen and Madrid.
Jet CEO Vinay Dube said on Tuesday in a letter to employees, seen by Reuters, that the carrier had stressed to its lenders the need for some urgent funding, critical to the continuation of its operations.
Accordingly, the last flight will leave the Amritsar airport at 2230 hrs for New Delhi as per its flight schedule. "The company's leadership, in consultation with its board of directors, is engaged with lenders in connection with the said emergency funding request to arrest further deterioration of its services".
"Jet Airways has informed the DGCA, and the Ministries of Civil Aviation and Finance and other relevant government institutions, of this course of action".
On Tuesday, it extended suspension of its worldwide operations till April 18.
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But the 2 April Supreme Court order quashing the 12 February, 2018 RBI circular (which ended all debt recast plans even on a one-day default) put paid to the resolution plan as banks were left with no leeway to restructure the loan and pay the promised Rs 1,500 crore interim funds which would have been converted into equity at Re 1 a share and also take over the management control.
An hour after Jet Airways announced that it will temporarily suspend operations from Wednesday night, Jet Privilege issued a statement saying that the value of their members' JPMiles are "secure and remain intact".
At its peak, Jet had over 120 planes and hundreds of daily flights.
Over the last several weeks and months we have tried every means possible to seek funding, both interim funding as well as long term funding, to keep our operations going, but we were not successful. Meanwhile, Jet Airways, on its website, has said that it is working to handle schedule adjustments including offering re-accommodation choices or extending full refunds as applicable. The bid process will conclude on 10th May 2019 ... It also failed to pay dues to lessors, which led to most of its flights getting grounded.
Jet had asked a consortium of lenders led by the State Bank of India to urgently provide four billion rupees ($57.5m) but said that this had not been forthcoming.