Jet Airways management proposes to halt all operations: ET Now

Jet Airways management proposes to halt all operations: ET Now

On April 12, sources said that Goyal had also put in bid for the carrier.

Jet Airways' troubles don't seem to getting over anytime soon.

Shares of Jet Airways plunged almost 19 per cent on Tuesday amid reports that the company is likely to temporarily shut down its operations.

Amid acute financial crunch crippling its operations, Jet Airways management is awaiting clarity on receiving fresh funds after which a decision would be taken on continuing operations.

Jet Airways founder Naresh Goyal, who along with his wife Anita Goyal, had stepped down from the airline last month, is staying away from bidding for acquiring stake in the airline. On the National Stock Exchange, Jet Airways share price dropped as much as 18.53 per cent from yesterday's close of Rs 261.70 after it failed to secure interim funding from the group of lenders led by the State Bank of India.

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Mehta's comments come after Jet informed all employees in a letter on Monday it was extending a suspension of worldwide flights until Thursday due to a lack of funds. Chief Executive Officer Vinay Dube said in an internal communication that the lenders were unable to decide on the emergency funding, and another meeting will be held on Tuesday, PTI reported. It has also suspended its global operations for the time being.

In a bid to rescue the 25-year old carrier, Jet's lenders are attempting to bring in a new investor to buy a stake of up to 75 percent in the airline and initial expressions of interest were submitted last week.

He also said the current status of engagement with the lenders and other related matters will be placed before the board Tuesday morning to seek guidance on the next steps.

It was operating fewer than 10 planes yesterday and has just seven in circulation today, The Economic Times said, paying fuel suppliers on a day-by-day basis.

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