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Jet Airways to shut operations today, last flight at 10.30 PM: ET Now


Jet Airways is likely to suspend its operations today as lenders have rejected its request for additional funds, according to a report of ET Now.

ET Now, quoting its sources, claimed that the lenders have rejected its appeal for emergency funds worth Rs 400 crore to stay afloat.

The report further added that the govt has decided not to meddle in the carrier’s affairs and let the lenders take a call.

As per the report, Jet’s last flight will take to the skies at 10.30 PM today.

Jet Airways CEO Vinay Dube had been authorised by the board in its meeting Tuesday to take the final call on shutting operations after making a final appeal to lenders for immediate fund infusion as it starved of working capital.

The airline, which has a huge debt pile on its books, is in the midst of a stake sale process with bids being scrutinised for the final round.

Its fleet is reduced to just five aircrafts and it has suspended its international operations.

The 25 years old airline has a debt burden of more than Rs 8,000 crore.

SBI Capital Markets has the mandate for Jet Airways sale on behalf of the SBI-led consortium of the domestic lenders to the debt-ridden private carrier.





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