- Friday, April 26, 2024
By: Radhakrishna N S
CRISIS hit India’s Jet Airways was forced to halt all its operations on late Wednesday (17) after the consortium of Indian lenders opted not to pump emergency funds to keep the airline flying, the Indian carrier said in a statement.
Sharing its very near future plans, the company said: “We will now await the bid finalisation process by the State Bank of India (SBI) and the consortium of Indian lenders and will continue to support the bid process initiated by the lenders.”
The SBI -led consortium is aims to sell a controlling stake in Jet Airways. The lender has shortlisted four potential buyers, including Etihad Airways, which already owns 24 per cent stake.
Jet Airways Chief Executive Officer Vinay Dube said: “Late last night we were informed by SBI, on behalf of the consortium of Indian lenders, that they are unable to consider our request for interim funding.
“Since no emergency funding from the lenders or any other source of funding was forthcoming, it would therefore not have been possible for us to pay for fuel or other critical services to keep the operations going.
“Over the last several weeks and months we have tried every means possible to seek funding, both interim as well as long term funding, to keep our operations going. Unfortunately, despite the very best of our efforts, we have been left with no other choice today,” Dube added.
After 25 years of flying, Jet Airways and its board of directors were forced to take this extreme measure, the company said.
The travelers who have impacted by the temporary suspension of the flight operations can request for a refund for their confirmed bookings.
Those who have booked through travel agents, should reach out their respective agent to process the refund, the company added.
