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India's Jet extends cancellations after lenders have not released funds | Money




<img src = "https://media.malaymail.com/uploads/articles/2019/2019-03/JET-AIRWAYS_INDIA_MAR192019.JPG" class = "figure-img img-fluid rounded" alt = "A Jet Airways plan is parked as another moves to the runway at Chhatrapati Shivaji International Airport in Mumbai February 14, 2018. – Reuters pic "title =" A Jet Airways plan is parked as another moves to the runway at Chhatrapati Shivaji International Airport in Mumbai February 14, 2018. – Reuters image "Jet Airways" plan is parked as another moves to the runway at Chhatrapati Shivaji International Airport in Mumbai February 1[ads1]4, 2018. – Reuters pic

MUMBAI April 16 – India's wounded Jet Airways appeared to be collapsing yesterday after lenders failed to make the decision to release decisive means to keep the debt-raped pilot flying 19659003] Thousands of passengers have been stranded in recent days after the airline, which has a debt more than $ 1 billion, interrupted all international flights, as it cannot pay their bills.

Jet CEO Vinay Dube said in an emai I to the staff yesterday that the cancellation of all international flights was extended to Thursday because an emergency cash injection had not been made available.

"As you are aware, we have worked with the lenders to secure temporary financing for our business. Temporary funding has not been so far …" he wrote.

Dube added that Jet's board would meet today to discuss "the next steps forward".

The airline has only seven jets left after dozens of others were seized by creditors in recent weeks.

Pilots, engineers and ground staff who have not been paid for three months have said they will strike if banks do not inject emergency funds.

They had planned to turn off Monday but postponed the action after the bankers

The State Bank of India-led lenders took control of Jet last month and pledged to provide $ 218 million of "immediate funding support" as part of a debt resolution plan.

But most of the funds have not been released, and Jet, now operating a skeleton service, desperately needs the money or can go bust in days, Indian media says.

The lenders met for several hours yesterday, but were unable to agree on how to proceed. 19659005] The SBI said in a statement that "the necessary support for facilitating (debt resolution) the process is being extended by the banks in the consortium".

"Cooperation and support from all the other stakeholders will be the key to the success of the process," it added.

Jet has been in a tailspin for months. All of their international flights have been suspended since the end of Thursday, with Europe and North America particularly badly hit.

Hundreds of employees protested in New Delhi and Mumbai over the weekend demanding to be paid and called for the company to be rescued.

The Mumbai-based firm has defaulted loans and repeatedly failed to pay employees and landlords in recent months.

The SBI-led consortium is trying to find a buyer for Jet, which until recently was India's second-largest airline market share.

A deadline went on Friday for potential bidders to express interest in acquiring a 75 percent stake in the carrier.

Etihad Airways, which owns a 24 percent stake, has expressed interest in buying a controlling stake of up to 75 percent, according to media reports.

Naresh Goyal, who founded the airline but left as a board member last month, has also submitted a bid, such as several private equity groups, newspapers said.

Prime Minister Narendra Modi's government, for whom a collapse of Jet would be a blow when it sought second term in a national election, convened a crisis meeting on Friday night. – AFP



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