Thursday, March 28, 2024 | Ramadan 17, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Jet Airways suspends all operations

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MUMBAI: India’s debt-stricken Jet Airways halted all of its operations on Wednesday after failing to secure emergency funding from lenders, leaving it teetering on the edge of bankruptcy.


“Jet Airways is compelled to cancel all its international and domestic flights. The last flight will operate today,” it said in statement.


Jet had asked a consortium of lenders led by the State Bank of India to urgently provide Rs 4 billion ($57.5 million) but said that this had not been forthcoming.


“This has been a very difficult 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,” it added. The airline was once India’s second-biggest by market share but is on the brink of collapse with debts of more than $1 billion.


Jet was operating just five planes on Wednesday because it could not pay its bills, down from a fleet of more than 120 at its peak. SEE ALSO P8


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