17/4/2019
PUNE (MUMBAI):
Late
last night, Jet Airways was informed by the State Bank of India (SBI), on
behalf of the consortium of Indian Lenders, that they are unable to consider
its request for critical interim funding.
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.
This decision has been taken after a painstaking evaluation of
all alternatives that were made available to the Company and after receiving
guidance and advice on the same from its Board of Directors. Jet Airways has
informed the DGCA, and the Ministries of Civil Aviation and Finance and other
relevant government institutions, of this course of action.
Over the last several weeks and months, the company has tried
every means possible to seek both interim and long-term funding. Unfortunately,
despite its very best efforts, the airline has been left with no other choice
today but to go ahead with a temporary suspension of flight operations.
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.
After 25 years of sharing the Joy of Flying with Indian and
international guests, Jet Airways has been forced to take this extreme measure
as prolonged and sustained efforts with lenders and authorities did not yield
the desired results.
Essential services needed to support guest services and the
re-commencement of the flight operations will be kept onboard until further
notice. Jet Airways will now await the bid finalisation process by SBI and the
consortium of Indian Lenders.
In its response to the airline, the lenders have said, “The
Expressions of Interest (EOI) have been received and bid documents have been
issued to the eligible recipients today. The bid documents inter alia has
solicited plans for a quick revival of the company. The bid process will
conclude on 10 th May 2019 … We are actively working to try and ensure that the
bid process leads to a viable solution for the company.”
Jet Airways will continue to support the bid process initiated
by the lenders. The airline will inform all guests about the temporary
suspension of flight operations via text message or email to the contact
details listed in their bookings. Jet Airways sincerely and profusely
apologises for the disruption to the travel plans of all its guests. The
airline would like to thank them for their continued patronage, support and
loyalty over the years.
Jet Airways is hopeful that it will be able to bring the Joy
of Flying back to its guests as soon as possible. Over the past 25 years, Jet
Airways has established itself as India’s airline of choice and the flag-bearer
of warm Indian hospitality around the world. The airline has proudly fuelled
India’s economic engine, enabling business travellers and tourists alike to
traverse the length and breadth of India and the world.
Even during the toughest of times, Jet Airways employees have
worn a smile on their face and put their duty to its guests and the nation first.
Above all, the airline would like to express its sincere gratitude to all its
employees and stakeholders that have stood by the Company in these trying
times. We hope to bring the flying sun back into the skies.
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