Jet Airways fails to secure emergency funding

2019-04-16 at 09:09

The troubled Indian airline Jet Airways has failed to secure emergency funding from its lenders.

The company, which last week suspended all international flights, has extended the cancellation period until Thursday. It was India’s second-largest airline by market share, until recently.

But dozens of its planes have been seized by creditors, leaving the firm with only seven operational aircraft.

The executive board of the Airline is expected to meet today. Thousands of passengers have been stranded due to the firm’s lack of funds.

Jet now has debts of more than $1.2bn.

The airline was flying 600 domestic and 380 international routes.

Pilots, engineers, and ground staff, who have not been paid since December, have said they will strike if the banks do not inject emergency funds.

They had planned to strike from yesterday, but postponed the action until after the bankers’ meeting.