NEWS
17/04/2019 7:14 PM IST | Updated 9 hours ago

Jet Airways Flew Its Last Flight Yesterday

Banks rejected the airline's plea for emergency funds.

ASSOCIATED PRESS

Jet Airways on Wednesday decided to temporarily halt operations. The decision came after its lenders rejected the airline’s plea for emergency funds.

In a statement, the airline said that it is compelled to cancel all its international and domestic flights. The last flight will be from Amritsar to Mumbai at 10.30 pm tonight.

The airline also said, “Jet Airways is hopeful that it will be able to bring the Joy of Flying back to its guests as soon as possible.” 

The airline, saddled with roughly $1.2 billion of bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million from its lenders, as part of a rescue deal agreed in late March.

“Bankers did not want to go for a piecemeal approach which would keep the carrier flying for a few days and then again risk having Jet come back for more interim funding,” a source told Reuters.

(With Reuters inputs)