Financial Services

Jet Airways to temporarily suspend ops after banks reject funding request -sources


FILE PHOTO: Jet Airways aircrafts are seen parked at the Indira Gandhi International Airport in New Delhi, India, April 13, 2019. REUTERS/Anushree Fadnavis/File Photo

MUMBAI (Reuters) – Embattled carrier Jet Airways Ltd is set to temporarily halt operations on Wednesday after its banks rejected the debt-laden carrier’s request for emergency funding, three sources familiar with the matter said on Wednesday.

The airline, saddled with roughly $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million from its lenders, as part of a rescue deal agreed in late March.

Jet and its lead lender State Bank of India (SBI) did not immediately respond to requests for comment.

Reporting by Tanvi Mehta and Aditi Shah; Editing by Euan Rocha



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