Jet Airways cancels all flights after rescue talks fail | Business News
Jet Airways has cancelled all flights after talks to rescue the struggling carrier failed.
In a letter to the Bombay Stock Exchange in Mumbai, the company said: “Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going.
“Consequently, with immediate effect, Jet Airways is compelled to cancel all its international and domestic flights. The last flight will operate today.”
Once India’s largest airline, it grounded nearly all of its aircraft last week, leaving thousands of passengers stranded, amid a search for investors to buy 75% of the company.
Around 80% of its fleet of 120 aircraft had already been seized as the company struggled to find buyers willing to take on more than £900m in debt it owes to multiple banks.