Friday, 23 August, 2019

Jet Airways likely to temporarily shut down operations

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Ginger Lawrence | 17 April, 2019, 19:36

With Goyal opting out, the airliner is likely to shut down operations temporarily.

Unconfirmed reports said that Jet Airways which held a board meeting on Monday requested the release of at least Rs 400 crore from lenders.

On Tuesday, the BSE sought clarification from Jet Airways on reports that it is likely to temporarily shut down its operations.

Lenders of Jet Airways led by the State Bank of India (SBI) are now in the process of selling their stakes in the airline to recover the dues to the tune of over Rs 8,400 crore.

The cash-strapped airline has already suspended its global operations till April 18.

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On Monday, lenders did not take a final decision on providing emergency funds to the cash-strapped carrier. The management also reportedly has warned lenders that it has board's approval to halt all operations if lenders don't agree to finance.

"The interim funding hasn't been forthcoming thus far", CEO Vinay Dube informed the employees, as quoted by the Economic Times.

"The company continues to work proactively with the Indian lenders to provide all the support which may be required, to help us resurrect Jet Airways, including working closely with the potential parties that are keen on bidding for the airline", Dube added.

The full service carrier, which is now operating less than 10 aircraft, is awaiting fresh fund infusion under a debt resolution plan.

On Monday, SBI said the bid process for the orderly sale of equity in Jet Airways is now being run by SBI Caps and is being vetted by the legal team and the prospective bidders will be shortlisted by SBI Caps shortly.SBI spokesperson Monday also said, "The bid process for the orderly sale of equity in Jet Airways is now being run by SBI Caps and is being vetted by the legal team". 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.