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Jet Air pauses all flights due to lack of funds.



World

India 's owed airline, Jet Airways, announced on Wednesday that it had ceased operations without credits from its creditors for provisional financing.

"As a result, with the immediate effect, Jet Air must cancel all domestic and international flights, and the final flight will be done today," the company said in a statement to the Bombay Stock Exchange.

Until recently, Jet Airways, the second largest airline in India, is on its way to just before the accident. A lending consortium led by the State Bank of India (SBI) has taken control of the company just before bankruptcy last month and is currently looking for buyers.

The new majority shareholders pledged $ 218 million in emergency funding, but no agreement has been reached recently to secure funding.

"In recent months and weeks, the company has been able to try all sorts of ways to make temporary and long-term funding, but unfortunately, despite all the efforts, there is now no choice. A statement said.

It was not known whether the company would be able to bring air back on the day, or even start again in one day. JetAir said it is waiting until the SBI bid process is finalized by May 10th.

The company 's fleet grew to seven aircraft because the lease maturity was not paid on nearly 120 aircraft in January.

Jet Airways symbolizes becoming one of the first civilian airlines of South Asian giant civilian aircraft to bear more than $ 1 billion in debt. It started shortly after the liberalization of the Indian economy in the early 1990s.

But we have lost ground on new low-cost companies, including IndiGo, the market leader.


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