Jet Airways is in deep crises of more than Rs.8000 crore of bank debt announced that the last flight will take off at 10.20 pm on April 17. Jet Airways is suspending its operations temporarily.
The Mumbai-Amritsar flight will be its last operation as there are not enough funds to operate further. As per the sources. Earlier jet airways have flown only 35 flights in total in recent days, while Jet Airways shares fall up to 20%. On Tuesday, 23 pilots have quit the airlines and approached the National Company Law Tribunal in case of no solution for the ongoing situation.
As per sources, Jet Airways is said to have failed in securing emergency funds from its lenders and received a stop-gap loan of Rs.1500 crore as a part of rescue deal made in March. The chairman of Jet Airways announced that the lenders have opposed the request for Rs.900 crore. Most of Jet’s debts are dollar-denominated and hence a continued fall in the rupee has worsened the debt problem.