United Kingdom
United States
Asia Pacific
Cash-strapped Jet Airways suspends all flights
Debt-riddled Jet Airways has finally had its wings clipped, at least on a temporary basis.
The airline has accepted the inevitable and suspended all services.
A last-ditch emergency funding package couldn’t be agreed with lenders, forcing the shutdown.
Jet only had five planes left due to unpaid lessor fees and had been operating on borrowed time for many months with pilots and other workers still owed several months’ salary.
While it has experienced financial woes for some time, the speed of its downfall has been dramatic.
Jet’s fleet size numbered more than 120 planes just a few months ago.
"Since no emergency funding from the lenders or any other source is forthcoming, we will not be able to pay for fuel or other critical services to keep the operations going," the airline said.
"Consequently, with immediate effect, we are compelled to cancel all our international and domestic flights temporarily."
"This decision has been taken after a painstaking evaluation of all alternatives that were made available to the airline and after receiving guidance and advice on the same from the board," the airline added.
The airline will likely stay shuttered until the first round of bidding for a stake in the business is completed.
The airline’s lenders have taken submissions from four bidders – current shareholder Etihad Group, national investment fund NIIF, TPG, and airline investor Indigo Partners.
A stake of up to 75% is up for grabs.
"We are actively working to try and ensure that the bid process leads to a viable solution for the company," a Jet Airways statement said.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Tony from Gatto’s Pizza on Columbus’s Unique Pizza Trail
Sophia Hyder Hock on Global Social Inclusion in Tourism
Sustainable Tourism: Don Welsh on Community Values and Global Collaboration
Jane Cunningham: Enhancing European Engagement in Tourism
Kristin Dunne: Navigating Destination Strategy
Revolutionizing Mobile Connectivity: Boris Bijlstra on HUBBY eSIM
Capturing Glasgow’s Vibrancy: An Interview with Susan Deighan, Chief Executive of Glasgow Life
Lebua Hotel & Resorts: Rajan Khurana on Hospitality and Bangkok’s Charms
Sustainable Tourism and Growth: Insights from Chiravadee Khunsub from Tourism Authority of Thailand
Revolutionizing Travel: SmartSIM USA’s Dale Takio Unveils the Power of E Sims
TravelMole Interview with Hishan Singhawansa, Deputy CEO of Cinnamon Hotels & Resorts, Sri Lanka
Unveiling the Essence of Magari Tours: A Dive into Authentic Italian Experiences
EU airports bring back 100ml liquid rule
British Airways passengers endure 11-hour 'flight to nowhere'
CLIA: Anti-cruise demos could cause itinerary changes in Europe
Co-pilot faints, easyJet flight issues ‘red alert’
Gatwick braces for strike