India's Jet Airways faces imminent shutdown without emergency funds

17 Avril, 2019, 18:26 | Auteur: Auguste Feret
  • CANCEL Flights stopped by Jet Airways

"Meanwhile the Company is awaiting emergency liquidity support from the consortium of the domestic lenders led by State Bank of India", Jet Airways said in a regulatory filing last night. "The last flight will operate today", it said, adding that the decision would take "immediate effect".

It also noted that operations have been severely impacted and added that its leadership "is engaged with lenders in connection with the said emergency funding request to arrest further deterioration of its services and minimize inconvenience to its guests". "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", Jet said in the statement.

Jet Airways on Wednesday announced temporary suspension of all its global and domestic flights, with the last flight slated to operate between Amritsar and Mumbai tonight.

The assurance from the government came on a day when Jet Airways wrote to the Prime Minister's Office, the Ministries of Finance and Civil Aviation and the Chief Minister of Maharashtra stating that it needed an urgent induction of funds, without which it will not be able to continue flying.

But the immediate worry is the lack of funds to keep the company afloat.

TPG declined to comment, while the other three did not immediately respond to a request for comment from Reuters.

Messi et Cristiano? "Ces joueurs-là ne déclinent pas" — Mbappé
Kylian Mbappé ne peut pas choisir entre Cristiano Ronaldo et Lionel Messi pour savoir qui est le meilleur joueur du monde. Malheureusement pour lui, les deux les plus similaires de sa carrière ont été face à deux mythes du ballon rond.

Ember Moon and Bayley join SmackDown LIVE
Later on, both Bayley and Ember Moon teamed up with Kairi Sane and Asuka to defeat the team of Absolution and IICONICS. With the rosters now shaken-up to their very core, who do you think has gotten the best deal - Raw or SmackDown?

Student dies after falling from university bell tower during ‘rite of passage’
A student, named only as Dave, who met Sydney and her friends hours before the tragedy, said: "My roommate was with them". University officials are looking into how the students gained access to the tower as the door was supposed to be locked.

Jet, which has around US$1.2 billion in bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about US$217 million as part of a rescue deal in late March.

The SBI-led consortium is looking for a buyer for Jet and a deadline passed on Friday for prospective bidders to express an interest in acquiring a 75% stake in the carrier.

Jet will be forced to shut down as soon as Wednesday if it does not get emergency funding from its lenders, two sources familiar with the matter told Reuters on Tuesday.

Naresh Goyal quits as Jet Airways chairman, stake slashed to 25%. "Why don't Banks take the money I offered first?" SBI Capital Markets, which has the mandate for the stake sale on behalf of the SBI-led consortium, is now vetting the initial bids received and as per reports the shortlisted investors will be given time till May 10 to submit binding bids.

The company had more than 16,000 employees on its payroll - and a number of staffers across various roles started jumping ship over the past few weeks, joining rival airlines in the domestic as well as the worldwide circuit. Many airlines are in talks with lessors of Jet's repossessed planes. More than two dozen Jet-operated planes have been de-registered this month, and Jet has been forced to ground dozens more over unpaid dues.

Conseillé:



Populaire

L’incroyable somme perçue pour sa venue à Coachella — Ariana Grande
Coachella a généreusement remercié Ariana Grande d'avoir sauvé la journée, ce qui en a fait le clou du festival. Lors de sa première apparition, elle a amené P Diddy, NSYNC et Nicki Minaj sur la scène principale pour un duo.

WEATHER FORECAST: Temperatures set to soar for Bank Holiday Weekend
The first was in Heathrow, west London, and Mildenhall, Suffolk, in 1949 and the second was recorded Wisley, Surrey, in 2011. There will also be a lot of dry weather, some cloud coming and going, so bright skies and sunny spells.

McLellan hired as Kings coach
His team has reached the Stanley Cup Playoffs seven times, including six of his first seven seasons with the Sharks. Yes, that is my Captain Obvious statement of the day after the John Stevens hire and the Willie Desjardins debacle.

Guardiola n’est "pas venu pour remporter la Ligue des champions" — Man City
Au total, cinq des onze titulaires du match aller face aux Spurs ont rejoint City sous le mandat de l'Espagnol (Ederson, Kyle Walker, Aymeric Laporte, Ilkay Gündogan, Riyad Mahrez).

Mercato - PSG : le Real Madrid de retour à la charge pour Neymar
Mais le club merengue ne compte pas en rester là, bien au contraire. Son transfert est budgété aux environs de 100 millions d'euros. Et cela va monter très haut...

Disparition de Sala : Cardiff City a répondu à la Fifa
Le club gallois n'a pas du tout l'intention de verser la première tranche (6 M€) des 17 M€ du transfert aux Canaris. Ce dernier était, en effet, commandité par le FCN pour trouver une porte de sortie en Premier League à Sala.

College Student Dies After Falling 100 Feet Off Cliff
Norton was visiting the rock formation while on a hiking trip with her college friends, according to her obituary . Sheriff Wheeler said Norton's death was a reminder of how unsafe these popular spots like Hawksbill Crag can be.

Hauser brothers to transfer from Marquette
The forwards were second only to Golden Eagles star guard Markus Howard (25.0 points per game) in scoring in 2018-19. Joey, a 6-foot-9 freshman, averaged 9.7 points and 5.3 rebounds per game in his first season at Marquette.

Les propriétaires forestiers appelés à donner chacun un chêne pour Notre-Dame
Après l'incendie du Parlement de Rennes , en 1994, la filière bois s'était déjà mobilisée pour la reconstruction en offrant des chênes.

Juventus shares slump after Champions League defeat
Juventus heaved a huge sigh of relief when Neres broke through and Van De Beek set up Ziyech inside the penalty area. Ronaldo has also scored in his last five Champions League games against Ajax , for a total of eight goals.