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Published on Monday, April 15, 2019

Jet Airways fails to secure emergency funds







The future survival of Jet Airways looks even more precarious after its lenders refuse to inject interim funds.

In a letter, sent to staff just after the unsuccessful meeting with the banks, CEO Vinay Dube said management would now seek guidance from the Board about to how to proceed.

"The interim funding has not been forthcoming thus far, and as a result of this we have extended cancellation of international operations through Thursday, April 18," the letter said.

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

Jet Airways is now believed to be operating just seven aircraft, out of a previous 120.

All international flights have been suspended.

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