India's Jet Airways temporarily halts all operations after failing to secure emergency funding from lenders
Saddled with more than $1.2 billion of bank debt, Jet Airways is fighting for survival as it also owes money to lessors, suppliers, pilots and oil companies.
The company said it has been informed by its lenders, led by state-run State Bank of India, that they are unable to consider its request for funding to keep flying. On Tuesday, former chairman Naresh Goyal reportedly withdrew plans to bid for a controlling stake in the company. Goyal founded Jet Airways in 1992 and saw it soar to become India's largest airline.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
India’s Jet Airways is too frail to failPlanes are grounded, but a bankruptcy of the country’s once-top private carrier is unthinkable, especially as the nation votes. Related job and bank losses would be politically toxic. Even a well-structured out-of-court deal could yet leave New Delhi with a second state airline.
Read more »
India's Jet Airways cancels all international flights as lessors seize planesThe airline has run out of cash, forcing pilots to go without salaries for months.
Read more »
Over 1,000 Jet Airways pilots not to fly from Monday due to unpaid salariesMore than a thousand pilots of India's debt-laden Jet Airways will not fly ...
Read more »
Over 1,000 Jet Airways pilots not to fly from Monday due to unpaid salariesMore than a thousand pilots of India's debt-laden Jet Airways will not fly ...
Read more »
India’s Jet Airways Makes Drastic Cuts as It Searches for InvestorIndia’s Jet Airways has drastically reduced operations as it looks for an investor to purchase a controlling stake in the airline and help reduce its mounting debt.
Read more »
India's Jet Airways extends international flight suspensionJet Airways plans to extend its suspension of international flights until Thursd...
Read more »
Etihad Group Faces Another Failure As India's Jet Airways CollapsesThe Etihad Group has tried to buy its way into closed markets by snatching up shares of the industry's weaker airline properties. That big global gamble doesn't seem to be paying off.
Read more »
Jet Airways management proposes to halt all operations: ET NowThe management of India's Jet Airways has proposed to suspend all operation...
Read more »
Jet Airways stock suffers heavy losses on doubts over emergency fundingA cash lifeline of more than 215 million dollars is being sought by the airline's board.
Read more »
India's Jet Airways management proposes halting operations, say reportsThe management of India's Jet Airways Ltd has proposed temporarily suspendi...
Read more »