The Hush Post | 8:13 pm | One-minute read |
Failing to get the much needed emergency fund infusion, Jet Airways has grounded its planes with immediate effect. The cash-strapped company has temporarily suspended all its domestic and international flights.
The decision comes after after lenders rejected the airline’s request for an emergency fund infusion of Rs 400 crore.
An Amritsar -Delhi flight will be Jet Airways’ last flight tonight at 10:30 pm before a temporary closure.
Jet Airways said, “With immediate effect, we are compelled to cancel all our international and domestic flights. The last flight will operate today.”
Reports say that this is the end of the road for Jet Airways until someone lends a helping hand. The lenders have shortlisted four candidates, including the Etihad, and hope that the bid process will be completed by May 10.
There is no clarity on what happens to the 20,000 employees in the interim.
The 25-year-old airline has been saddled with a Rs. 8000 crore bank debt.
Meanwhile, the employees of the airlines have called for a protest at the Jantarmantar in Delhi on Thursday.