One Of The World's Biggest Airlines Is Set To Go Bust
India’s Jet Airways has stopped all operations after it failed to secure finance from lenders, which has now left it on the edge of bankruptcy.
“Jet Airways is compelled to cancel all its international and domestic flights. The last flight will operate today,” the airline said in statement.
Jet has asked a bunch of lenders, led by the State Bank of India to urgent give them 4 billion rupees ($A80.3 million) but has said this has not been given.
“This has been a very difficult decision but without interim funding, the airline is simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of its guests, employees, partners and service providers,” it added.
Jet Airways was once India’s second biggest airline by market share but now has $1.4 million worth of debt.
On Wednesday, Jet only operated five flights, with hundreds of flights cancelled from its usual 120.