Jet Airways Shuts Operations
In a desperate, and probably the last call for funding, Jet Airways tries its best to remain afloat. It has shut down for now, unless it receives funding.
On behalf of the consortium of lenders, the State Bank of India on Tuesday night informed Jet Airways that they were unable to lend them the required amount, in order to keep the airline operational.
Due to this, the airline was unable to pay for fuel and other essential services, in order to keep the airline running.
The unavailability of funds to operate, has compelled the airline to cancel all of its domestic and international flights. Jet Airways said that its last flight would operate on Wednesday.
After trying its best for the past few months, jet has come to a standstill, atleast temporarily. It was India’s longest flying airline of almost 26 years. The closure of the airline has left uncertain the faye of its 22,000 staff, and the airline itself. Incase of a lender willing to invest in the company, jet will begin its operations again.
Jet airways took off for the last time, from Amritsar to Mumbai, from where it first began its journey on May 5th, 1993. This plane was a Boeing 737, of Jetlite. Jetlite is the name former CEO, Naresh Goyal gave to “Air Sahara” after buying it for Rs 1450 crore- an expensive investment, which jet was never able to overcome.
Finally , under alot of debt, it shut down. However, the SBI has said that few investors have shown interest in the airlines, and the bidding process in on. This final bidding will end on May 10th. This will be that day when the fate of 22,000 staff, and jet airways, is decided.
Vinay Dubey, the current CEO of Jet Airways mailed the staff. This email had an honest answer. It said that this entire process would raise many challenges to them. For ex, what happens to the staff during this period. However, he said very honestly, that they do not have the answers to all their questions.
Just within the next 14 days, Jet Airways would have turned 26 years old, remaining the longest flying private airline in the country.
