NEW DELHI:Jet Airways is now observing a possible shutdown -- which may well be brief in very best case state of affairs -- as the airline did not get the promised emergency investment from lenders on Monday.
The airline’s board will meet on Tuesday morning to peer what to do now within the absence of the funds that were required to keep running.
Jet CEO Vinay Dube wrote to employees on Monday night after the meeting with lenders: “As you might be aware, we have been running with the lenders to safe intervening time investment for our operations. The intervening time investment has no longer been coming near near up to now, and as a result of this we have extended cancellation of global operations thru Thursday.”
“Please note that the present standing of our engagement with the lenders and different related matters will be placed prior to the Board within the meeting scheduled for the following day morning, the place the management will search guidance from the Board on the next steps ahead. We will keep you updated on all vital developments,” Dube’s mail stated.
The airline had met lenders ultimate Friday who requested Jet to publish a recent plan for searching for emergency funds. In this intervening time period, this is ultimate weekend until Monday, the airline was once intended to fly ATRs and one or two Boeing 737s. The airline had was hoping to receive some funds on Monday night as that would have allowed for clearance of salaries and a possible increase its operational fleet. But and not using a investment won on Monday, the airline faces a bleak future.
Jet’s feedback were awaited on future course of action at the time of filing this tale.
Meanwhile, an SBI spokesperson stated: “The bid process for orderly sale of fairness in Jet Airways is currently being run by SBI CAPS and is being vetted by the legal team. The potential bidders will likely be shortlisted by SBI CAPs in a while. The proposed fairness conversion by banks, if any, will likely be undertaken as a transitory mechanism to facilitate the bidding cum sale process.”
“SBI is acting on behalf of the group of lenders as part of the bank-led solution process. Necessary support to facilitate the process is being extended by the banks within the consortium. Cooperation by and support from all of the different stakeholders will be the key to the success of the process,” SBI added.
The airline’s board will meet on Tuesday morning to peer what to do now within the absence of the funds that were required to keep running.
Jet CEO Vinay Dube wrote to employees on Monday night after the meeting with lenders: “As you might be aware, we have been running with the lenders to safe intervening time investment for our operations. The intervening time investment has no longer been coming near near up to now, and as a result of this we have extended cancellation of global operations thru Thursday.”
“Please note that the present standing of our engagement with the lenders and different related matters will be placed prior to the Board within the meeting scheduled for the following day morning, the place the management will search guidance from the Board on the next steps ahead. We will keep you updated on all vital developments,” Dube’s mail stated.
The airline had met lenders ultimate Friday who requested Jet to publish a recent plan for searching for emergency funds. In this intervening time period, this is ultimate weekend until Monday, the airline was once intended to fly ATRs and one or two Boeing 737s. The airline had was hoping to receive some funds on Monday night as that would have allowed for clearance of salaries and a possible increase its operational fleet. But and not using a investment won on Monday, the airline faces a bleak future.
Jet’s feedback were awaited on future course of action at the time of filing this tale.
Meanwhile, an SBI spokesperson stated: “The bid process for orderly sale of fairness in Jet Airways is currently being run by SBI CAPS and is being vetted by the legal team. The potential bidders will likely be shortlisted by SBI CAPs in a while. The proposed fairness conversion by banks, if any, will likely be undertaken as a transitory mechanism to facilitate the bidding cum sale process.”
“SBI is acting on behalf of the group of lenders as part of the bank-led solution process. Necessary support to facilitate the process is being extended by the banks within the consortium. Cooperation by and support from all of the different stakeholders will be the key to the success of the process,” SBI added.
Interim funding not forthcoming, board to meet on Tuesday: Jet Airways
![Interim funding not forthcoming, board to meet on Tuesday: Jet Airways]()
Reviewed by Kailash
on
April 15, 2019
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