anonymous Posted April 17, 2019 Share Posted April 17, 2019 CNN Jet Airways Link to comment Share on other sites More sharing options...
Maverick Posted April 17, 2019 Share Posted April 17, 2019 New Delhi (CNN Business)Jet Airways has finally been grounded. The once-mighty Indian carrier said in a statement Wednesday that it was suspending all flights after failing to secure emergency funding from the country's banks. The airline has been struggling for months to stay in business and the announcement follows weeks of speculation over its fate. "This has been a very difficult decision but without interim funding, the airline is simply unable to conduct flight operations," Jet Airways said in statement. The company said it was informed late Tuesday by a consortium of lenders that they would not be able to provide new funding. Jet Airways was not able to find another source of cash. Jet Airways described the suspension of flights operations as temporary, but the absence of funding puts more than 20,000 jobs at risk. Debt-stricken Jet Airways cancels all international flights The carrier was founded in the early 1990s by Naresh Goyal and went on to dominate India's airline industry, accounting for nearly 20% of passengers carried by Indian airlines in 2018. Yet in recent years it struggled to cut costs to compete with newer budget airlines like IndiGo. Rising oil prices and the increased volatility of India's currency, the rupee, only made matters worse. Swati Gupta contributed reporting. Link to comment Share on other sites More sharing options...
Moon The Loon Posted April 19, 2019 Share Posted April 19, 2019 What a shame. 15 years ago, they were the star of airlines operating out of the sub-continent. Heroes to Zeroes. Link to comment Share on other sites More sharing options...
FA@AC Posted April 19, 2019 Share Posted April 19, 2019 6 minutes ago, Moon The Loon said: What a shame. 15 years ago, they were the star of airlines operating out of the sub-continent. Heroes to Zeroes. Yes, they were very highly regarded. Seems that India is a LCC market now and that Jet completely failed to adapt. Link to comment Share on other sites More sharing options...
blues deville Posted April 19, 2019 Share Posted April 19, 2019 Positive side. Lots of jobs around today and now once again more pilots, engineers and flight attendants for Emirates. Link to comment Share on other sites More sharing options...
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