{"id":48935,"date":"2019-04-17T20:04:23","date_gmt":"2019-04-17T19:04:23","guid":{"rendered":"https:\/\/english.thesunrisetoday.com\/?p=48935"},"modified":"2019-04-17T20:04:23","modified_gmt":"2019-04-17T19:04:23","slug":"jet-airways-suspends-all-operations","status":"publish","type":"post","link":"https:\/\/english.thesunrisetoday.com\/index.php\/jet-airways-suspends-all-operations\/","title":{"rendered":"Jet Airways suspends all operations"},"content":{"rendered":"<p style=\"text-align: justify;\"><img loading=\"lazy\" class=\"alignleft  wp-image-48936\" src=\"https:\/\/english.thesunrisetoday.com\/wp-content\/uploads\/2019\/04\/Jet.jpg\" alt=\"\" width=\"829\" height=\"466\" \/>India\u2019s debt-stricken Jet Airways grounded all of its operations Wednesday after failing to secure emergency funding from lenders, the carrier said in a statement.<br \/>\n\u201cJet Airways is compelled to cancel all its international and domestic flights. The last flight will operate today,\u201d it said, adding that the decision would take \u201cimmediate effect.\u201d<br \/>\nJet had asked a consortium of lenders led by the State Bank of India to urgently provide four billion rupees ($57.5 million) but said that this had not been forthcoming.<br \/>\n\u201cThis has been a very difficult decision but without interim funding, the airline is simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of its guests, employees, partners and service providers,\u201d it added.<br \/>\nThe airline was once India\u2019s second-biggest by market share but is on the brink of collapse with debts of more than $1 billion.<br \/>\nJet was operating just five planes on Wednesday because it could not pay its bills, down from a fleet of more than 120 at its peak.<br \/>\nThe carrier has canceled hundreds of flights in recent weeks, stranding thousands of passengers.<br \/>\nIt has repeatedly defaulted on loans and failed to pay staff in recent months.<br \/>\nThe consortium took control of Jet in March, pledging to give $218 million in \u201cimmediate funding support\u201d as part of a debt resolution plan.<br \/>\nBut they have failed to release most of the money and the banks also failed to agree after a meeting of several hours on Monday on how to proceed.<br \/>\nThe SBI-led consortium is looking for a buyer for Jet and a deadline passed on Friday for prospective bidders to express an interest in acquiring a 75 percent stake in the carrier.<br \/>\nThe SBI is yet to announce a shortlist of prospective bidders but Indian media said four were in the running including Etihad Airways, which already owns a 24 percent stake.<br \/>\n\u201cJet Airways will now await the bid finalization process by SBI and the consortium of Indian Lenders,\u201d the airline said, adding that it hoped to resume services \u201cas soon as possible.\u201d<br \/>\nBad investments, competition from several low-cost carriers, high oil prices and a weak rupee have led to Jet\u2019s current financial predicament, analysts say.<br \/>\nA collapse of Jet, and the loss of more than 20,000 jobs, would deal a blow to Prime Minister Narendra Modi\u2019s pro-business reputation as he seeks a second term in ongoing national elections.<\/p>\n<div id=\"fb-root\"><\/div>\r\n<script>(function(d, s, id) {\r\n  var js, fjs = d.getElementsByTagName(s)[0];\r\n  if (d.getElementById(id)) return;\r\n  js = d.createElement(s); js.id = id;\r\n  js.src = \"\/\/connect.facebook.net\/en_GB\/all.js#xfbml=1\";\r\n  fjs.parentNode.insertBefore(js, fjs);\r\n}(document, \"script\", \"facebook-jssdk\"));<\/script>\r\n <fb:comments href=\"https:\/\/english.thesunrisetoday.com\/index.php\/jet-airways-suspends-all-operations\/\" font=\"arial\" num_posts=\"\" width=\"\" height=\"\" colorscheme=\"light\"  style=\"background:#FFFFFF;padding-top:0px;\r\npadding-right:0px;\r\npadding-bottom:0px;\r\npadding-left:0px;\r\nmargin-top:0px;\r\nmargin-right:0px;\r\nmargin-bottom:0px;\r\nmargin-left:0px;\r\n\"><\/fb:comments>","protected":false},"excerpt":{"rendered":"<p>India\u2019s debt-stricken Jet Airways grounded all of its operations Wednesday after failing to secure emergency funding from lenders, the carrier said in a statement. \u201cJet Airways is compelled to cancel all its international and domestic flights. The last flight will operate today,\u201d it said, adding that the decision would take \u201cimmediate effect.\u201d Jet had asked &hellip;<\/p>\n","protected":false},"author":1,"featured_media":48936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1,2],"tags":[],"wps_subtitle":"","_links":{"self":[{"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/posts\/48935"}],"collection":[{"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/comments?post=48935"}],"version-history":[{"count":1,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/posts\/48935\/revisions"}],"predecessor-version":[{"id":48937,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/posts\/48935\/revisions\/48937"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/media\/48936"}],"wp:attachment":[{"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/media?parent=48935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/categories?post=48935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.thesunrisetoday.com\/index.php\/wp-json\/wp\/v2\/tags?post=48935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}