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If you’re planning to book a ticket for a Jet Airways flight or if you already have a Jet Airways flight ticket, you will have to cancel your plans as Jet Airways has temporarily suspended all its flights from April 17. This has been a result of being unable to get in any cash flow within its operations. The private air carrier will only be able to start the operations once again only if a buyer is willing to infuse funds into the airline.
Jet Airways had been India’s oldest surviving private airline which commenced operations in 1993 as an air taxi operator and would have been just a fortnight shy of reaching 26 years of operations until the shutdown last night. Jet Airways were informed by the State Bank of India that they would not consider the request for crucial interim funds worth ₹ 983 crores and this meant that the airline was not able to afford the fuel prices, salaries and other integral airline services to keep the operations going.
“Consequently, with immediate effect, we are compelled to cancel all our international and domestic flights temporarily. The last flight will operate today”, said Jet Airways in an evening statement. “We are confident that the various transformation initiatives identified and under implementation by the company will help in addressing the current issues faced by us and the industry. In fact, several transformation initiatives have already started to deliver positive results.”, Vinay Dube, CEO of Jet Airways said in a statement.
Having to submit binding bids by May 10, Etihad Airways, TPG capital, and Indigo have been identified as potential and qualified bidders, and Jet may not be able to find a buyer in such a short period of time.
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