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aviation | IST

Jet Airways suspends international operations until further notice

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Cash-starved Jet Airways on Thursday suspended international operations until further notice, sources privy to the developments told CNBC-TV18.

Cash-starved Jet Airways on Thursday suspended international operations until further notice, sources privy to the developments told CNBC-TV18.
Flights on Chennai-Paris, Bengaluru-Amsterdam and Mumbai-Singapore were already suspended earlier in the day until further notice, sources added.
Also, the airline has suspended operations to Kolkata, Guwahati and Patna. Passengers are currently stranded at various airports, including Mumbai and Delhi.
The government rules stipulate an airline must have at least 20 planes for operating international operations.
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Of the 14 aircraft that it is operating as of Thursday, eight are wide-body B777s (seven) and an A330-- generally used for long-haul international operations.
The remaining six planes are three B737s, which are largely used for flying on domestic routes besides on short-haul international routes and the rest three are regional ATRs.
Yesterday, SBI Capital Markets, which had issued the expressions of interest (EoI) on April 8, extended the deadline for submission of initial bids to April 12.
As part of the debt resolution plan for the carrier, the lenders are looking to restructure "existing facilities and infusion of funds by way of loans or acquisition/ subscription of up to 75 percent of the equity share capital of the company".
Cash-drought has forced the airline to default on several payment obligations such as to the banks, aircraft lessors and other vendors besides non-payment of March salaries to its 16,000 employees.
The airline currently owes Rs 8,000 crore to lenders, led by the SBI.
Shares of Jet Airways closed at Rs 260.40, down 1.14 per cent, on the BSE.
(With inputs from PTI)