Monday 15 April 2019 3:14 pm

Jet Airways’ future hangs in the balance as it fails to secure emergency funding from lenders


Reporter at City A.M. covering City politics, transport and law. Get in touch: alexandra.rogers@cityam.com

Reporter at City A.M. covering City politics, transport and law. Get in touch: alexandra.rogers@cityam.com

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Troubled airline Jet Airways has failed to secure emergency funding from its lenders, forcing it to extend the cancellation of its international flights.

In a letter to staff, Jet Airways chief executive Vinay Dube said flights would be cancelled until Thursday 19 April.

"Please note that the current status of our engagement with the lenders and other related matters shall be placed before the board in the meeting scheduled for tomorrow morning, where the management will seek guidance from the board on the next steps forward," Dube said.

"We will keep you updated on all critical developments."

Earlier today the airline's pilots protested outside their company headquarters as the carrier announced it was grounding all international flights.

Employees of the Indian carrier, which is straddling a debt pile of more than £900m, gathered outside its headquarters and demanded that the Prime Minister, Narendra Modi, intervene.

One pilot told the BBC: "We haven’t been paid for the last four months. It’s been a really difficult period. Many people here are the sole breadwinners for their families. We’re hoping the lenders would agree to give money to keep the airline going."

Another said: "Most of us have mortgaged/EMIs to pay. We also have to pay for our children’s education. If the airline shuts down it will be very difficult to find a job in this market. We request Modi to intervene and rescue the airline."

Late last month Jet Airways chairman Naresh Goyal announced he would step down from the board of the Indian airline as well as reducing his stake in the carrier.

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