With no funds coming from lenders, Jet Airways now seeking divine intervention

Jet airways

With Jet unable to use the slots Etihad have to make a quick decision

The entire saga of Jet Airways and its likely closure, has been a tale of mismanagement, not just by the promoter Naresh Goyal, but also by the banks themselves who have a combined exposure of over Rs.8,000 crores in an airline, which has recorded a profit only twice in the last 12 years and continues to bleed cash copiously.

"The Company's leadership, in consultation with its Board of Directors, is engaged with lenders in connection with the emergency funding request to arrest a further deterioration of its services and minimise inconvenience to its guests", Jet Airways said in a filing to the Bombay Stock Exchange.

The BSE has sought clarification from Jet Airways (India) Ltd with reference to news that it is likely to temporarily shut down its operations.

Amid concerns over rising ticket prices in the backdrop of crisis-hit Jet Airways drastically curtailing operations, aviation regulator DGCA has asked airlines to reduce fares to "reasonable levels" on at least 10 high-density routes, Civil Aviation Secretary Pradeep Singh Kharola told PTI.

On Monday, lenders did not take a final decision on providing emergency funds to the cash-strapped carrier.

Early today, shares of Jet Airways tumbled almost 19 per cent in intra-day trade after the debt-laden airline extended the cancellation of global operations till April 19 as the lenders failed to reach a consensus on releasing emergency interim funds to the airline.

"Discussions for reviving the airline are underway and nothing has been finalised as of now". Jet CEO Vinay Dube wrote to employees on Monday evening after meeting lenders: "As you are aware, we have been working with the lenders to secure interim funding for our operations".

The board of the full service carrier, which is now operating less than 10 aircraft, is meeting in Mumbai on April 16.

Only the shortlisted candidates will be allowed to bid, said the sources on condition of anonymity. More than two dozen Jet-operated planes have been de-registered this month, and Jet has been forced to ground dozens more over unpaid dues.

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