India's Jet Airways faces imminent shutdown without emergency funds

Jet Airways

India's debt-stricken Jet Airways grounded all of its operations today after failing to secure emergency funding from lenders, the carrier said in a statement.

Billionair businessman Vijay Mallya, whose Kingfisher Airlines was a big competitor for Jet Airways before it too went bust, took to Twitter to express his sympathy for Naresh Goyal, the airline's founder.

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 last flight will operate today", Jet Airways said in the filing.

"Will the money come, or will we shut operations by end of the day?" - the question hangs heavy in the air at Siroya Centre, the Mumbai-based headquarters of Jet Airways. In the last five years, airlines like Air Pegasus, Air Costa, Air Carnival, Air Deccan, Air Odisha and Zoom Air have all gone belly up. Also passengers will suffer higher prices by opportunist industry'.

The airline said it would continue to work with its lenders, who are trying to identify an investor willing to buy a majority stake in the airline and attempt to turn it around.

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".

Jet's creditors, led by SBI, want a new investor to acquire a stake of up to 75 percent and initial expressions of interest were submitted last week.

Notre Dame: Aerial footage reveals the true extent of the damage
As many as 50 investigators are working on the case but are not allowed to enter the cathedral yet for safety reasons, he said. Notre-Dame was in the midst of renovations and industry sources said the contractor would have its own liability policy.

Two sources at state-run banks told Reuters that the banks had rejected a request for 4 billion rupees ($58 million) from Jet to keep itself temporarily afloat.

In a statement that Jet Airways released announcing the halting of ops, the airline says it will "inform all guests about the temporary suspension of flight operations via text message or email to the contact details listed in their bookings".

SBI did not immediately respond to a request for comment.

India's aviation regulator said on its website on Wednesday that lessors had applied to de-register another four Boeing Co 737 planes.

Airways. We have also informed the DGCA, and the Ministries of Civil Aviation and Finance and other relevant government institutions, of this course of action.

Once deregistered, lessors are free to reclaim a plane and lease it to another airline.

Related News:

  • Russell Wilson Agrees To Four-Year, $140M Extension With Seahawks

    Russell Wilson Agrees To Four-Year, $140M Extension With Seahawks

    He's also coming off of what may have been his best individual year, so the extension is coming at a good time. The team announced the signing on Tuesday afternoon. "Russell is a unique player, a unique competitor".
    Andrei Svechnikov in Concussion Protocol After Alex Ovechkin Fight

    Andrei Svechnikov in Concussion Protocol After Alex Ovechkin Fight

    Svechnikov did not return and is not expected to play in Thursday's Game 4, Hurricanes coach Rob Brind'Amour announced Tuesday. After the game, Ovechkin told reporters that he doesn't consider himself a "big fighter" and that he hopes Svechnikov is "OK".
    Microsoft’s Forza Street racing game launches for Android later in 2019

    Microsoft’s Forza Street racing game launches for Android later in 2019

    In other words, it looks a lot like other popular mobile racing games, like those in the Asphalt and Need for Speed series . More info about the game can be found on the official page here or through the Microsoft Store on Windows 10.
  • Busch grabs early lead at Richmond Raceway

    Busch grabs early lead at Richmond Raceway

    Truex inherited the lead from Kyle Busch when Busch was busted for speeding on pit road during pit stops on Lap 128 of 400. Truex led the most laps on Saturday, but he had to hold off Joey Logano and Clint Bowyer over the final 50 laps.
    The Pixel 3a and Pixel 3a XL pricing leaks

    The Pixel 3a and Pixel 3a XL pricing leaks

    Seeing as the teaser is on the hardware store, there are speculations it is a launch for the upcoming Pixel 3a and Pixel 3a XL . The teaser poster (seen above) can be found on the Google Store right here , which also says that "On May 7, meet a new hero".
    Disc-Free Xbox One S Details Leaked

    Disc-Free Xbox One S Details Leaked

    There's no word on whether Microsoft will bundle its subscription service, Xbox Game Pass along with it. It does look like an Xbox One S, but there's bound to be a bit of confusion between the versions.
  • Columbine Placed On Lockout Over ‘Credible Threat,’ Law Enforcement Investigating

    Columbine Placed On Lockout Over ‘Credible Threat,’ Law Enforcement Investigating

    The FBI alerted Jefferson County authorities to the threat around 11 a.m., the Jefferson County Sheriff's Office said. Students left classes on time, but after-school activities were canceled at Columbine in Littleton, Colorado .
    Omar says Trump encourages violence, hate

    Omar says Trump encourages violence, hate

    Trump, instead, lambasted the Speaker for her lack of "control" over Omar and her "anti-Semitic, anti-Israel and ungrateful U.S. Leading members of Omar's centre-left Democrat party have stepped up to defend her, including several presidential candidates.
    Trump to give ‘incredible’ Woods top medal

    Trump to give ‘incredible’ Woods top medal

    The victory for Woods at Augusta represented an epic comeback, almost 11 years after his last victory in a major tournament. There were questions about his ability to win a major tournament, but those have all ended following the Masters victory.
  • Glastonbury rolls out the red carpet for Alexandria Ocasio-Cortez

    Glastonbury rolls out the red carpet for Alexandria Ocasio-Cortez

    Bernie Sanders' 2016 run for the Democratic nomination against Hillary Clinton. "She's good for our ratings". On Monday, however, she retweeted the podcast and was back to tweeting.
    Sudan protesters warn 'remnants of Bashir regime' still at work

    Sudan protesters warn 'remnants of Bashir regime' still at work

    The Association vowed to continue the sit-in outside the military complex until the achievement of the popular movement demands. At the news conference, the SPA said the military had promised to protect the sit-in.
    Joel Embiid cleared to play in Game 1 of playoffs

    Joel Embiid cleared to play in Game 1 of playoffs

    When the 76ers made the trade to acquire Jimmy Butler earlier this season, it was with the playoffs in mind. Well, the Brooklyn Nets have done the unthinkable. "I'll point exclusively to fatigue", Brown said.


Most liked

Bears-Raiders game in London set for Oct
But what we don't know is which games will be primetime matchups, which teams are headed to London, bye weeks and much much more. The Buccaneers and Panthers will play at the new Tottenham Hotspur Stadium on Sunday, October 13.

Tiger Woods' Masters Win Lands Bettor $1.19M Payout
Woods entered the final round tied for second with Tony Finau, two shots adrift of leader Francesco Molinari. But Tiger's doing it now, so people are paying attention.

Priyanka Chopra, Nick Jonas picking up projects they can watch with kids
Now in therapy and taking medication, the star explained how much she now loves herself. I don't think I ever would have gone through with it.

Brilliant strategy by Apple's lawyer minimizes Qualcomm's contribution to the iPhone
The settlement came just as both companies were beginning a $30 billion federal court trial over just one aspect of the case. We know that there have been rumors of problems between Apple and Intel, as relates to Intel's 5G modem, specifically.

Lionel MESSI scores twice for FC Barcelona in win against Manchester United
The goals ended Messi's weird scoring drought in Champions League quarter-finals that had reached 12 matches dating back to 2013. Barca goalkeeper Marc-Andre ter Stegen's only real stop was in the 89th minute from substitute Alexis Sanchez's header.

WHO Warns Measles On The Rise In 'All Regions'
Even more horrifyingly, right now, we're at a tipping point, with measles numbers rising at a rate not seen in decades. Rockland County, meanwhile, announced new measures to combat the disease, including fines of up to $2,000 a day.

Madrid disappoint again in dreary draw with Leganes
But Karim Benzema levelled at the second attempt, scoring the rebound after Ivan Cuellar had palmed his shot. Los Blancos believe Vinicius will soon become one of the best players in world football, Inda claims.

Warriors start playoff road, without LeBron there at the end
Last year, our simulation fell a little below the mark , so we're hoping this year's sim takes a turn for the positive. If they make it through the Celtics, a match-up with Toronto or Philadelphia likely looms in the conference finals.

Everest airport hard for landings and take-offs
Four of the passengers and a flight attendant on board the plane were safe, civil administrator Narendra Kumar Rama said. Tenzing Hillary Airport is often referred to as the world's most risky because of the short runway and hard approach.

Jedi: Fallen Order Has Just Saved EA's Star Wars
The trust of these fans is going to need to be earned via strong reviews and positive word of mouth from influencers. It's still Star Wars , and holding on to the DNA of what George Lucas created is still very important to us.

Scientists make world's first 3D-printed heart with human tissue
But it's a groundbreaking step toward engineering customized organs that can be transplanted with less risk of rejection. Given the dire shortage of heart donors, the need to develop new approaches to regenerate the diseased heart is urgent.

Stanley Cup 2019: Toronto Maple Leafs' Nazem Kadri facing suspension
Babcock's options as replacements for his third-line centre include Marleau and William Nylander , but neither scenario is ideal. He took four of their five penalties in Game 2 and will be suspended again.

Extinction Rebellion smash Shell office and superglue themselves to things
Environmental protesters smashed the windows of oil company Shell's headquarters in London and several people have been arrested. The busy Thames crossing was closed to traffic in both directions this morning, Transport for London (TfL) said.

Watford vs. Arsenal - Football Match Report
Emery's fellow Spaniard Javi Gracia was adamant Deeney did not deserve to be sent off for his challenge on Uruguay worldwide Torreira.

Samsung Galaxy S10 5G goes on sale in South Korea
When the Samsung Galaxy S10 5G is launched in other countries we'll let you know, so check back regularly for updates. No information about pricing options emerged though, so we're still in the dark on that one.