Jet Airways on the verge of temporarily shut down
Delhi, April 16: The management of India’s Jet Airways Ltd has proposed temporarily suspending all operations of the struggling airline, local media reported on Tuesday, as the company awaits promised funds from banks in a rescue deal.
Left with no cash, a seven-plane fleet and fuel to run operations only till Tuesday afternoon, the end is imminent, said sources close to the development.
As lenders failed to infuse the required funds, the Jet management will inform the board on Tuesday morning about the “critical developments” before a call is taken on the future of the airline, according to Chief Executive Officer (CEO) Vinay Dube.
If Jet goes down, it will be the second pan-Indian operator to go belly up. Kingfisher Airlines was grounded in 2013.