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Wednesday, 17 April, 2019, 19 : 30 PM [IST]

Jet announces shutdown over no immediate funding from lenders

In an official communication, Jet Airways has announced temporary shutdown with last flight to be operated tonight over its failure to garner immediate funds from lenders.

This decision has been taken after a painstaking evaluation of all alternatives that were made available to the Company and after receiving guidance and advice on the same from its Board of Directors. Jet Airways has informed the Directorate General of Civil Aviation (DGCA), and the Ministries of Civil Aviation and Finance and other relevant government institutions, of this course of action.

Over the last several weeks and months, the company has tried every means possible to seek both interim and long-term funding. Unfortunately, despite its very best efforts, the airline has been left with no other choice today but to go ahead with a temporary suspension of flight operations. Essential services needed to support guest services and the re-commencement of the flight operations will be kept onboard until further notice.

Jet Airways will now await the bid finalisation process by SBI and the consortium of Indian Lenders.

In its response to the airline, the lenders have said, “The Expressions of Interest (EOI)have been received and bid documents have been issued to the eligible recipients today. The bid documents inter alia has solicited plans for a quick revival of the company. The bid process will conclude on 10th May 2019. We are actively working to try and ensure that the bid process leads to a viable solution for the company.”
 
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