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Business Economy


Jet Airways suspends int'l ops till Apr 18; Board meet on Tuesday

New Delhi, Apr 15 (UNI) Debt-ridden airline Jet Airways on Monday extended the cancellation of international operations till April 18, due to no 'interim funding from the lenders'.
''As you are aware, we have been working with the lenders to secure interim funding for our operations. The interim funding has not been forthcoming thus far, and as a result of this we have extended cancellation of international operations through April 18,'' airline CEO Vinay Dube said in a statement here.
The Jet Airways Board will meet on Tuesday to discuss the current status of engagement with the lenders and other related matters, Mr Dube said, adding that the management will also seek guidance from the Board on the next steps forward.
In another development, a spokesperson from the Jet Airways said, the bid process for orderly sale of equity in the airlines is currently being run by SBI CAPS and is being vetted by the legal team. The prospective bidders will be shortlisted by SBI CAPs shortly.
The proposed equity conversion by banks, if any, will 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 Resolution Process.
Earlier in the day, the Jet Airways pilots body urged Prime Minister Narendra Modi to intervene in the matter to save 20,000 jobs. They also appealed to the SBI to infuse the interim funds of Rs 1500 crore in the airline.
UNI SW JTS 2234
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