India's Jet Airways Ltd will be forced to shut down as soon as Wednesday if...
MUMBAI/NEW DELHI - India’s Jet Airways Ltd will be forced to shut down as soon as Wednesday if it does not get emergency funding from its lenders, two sources familiar with the situation said.
Another source said that Jet’s board authorized its chief executive Vinay Dube to go back to its main lender State Bank of India one last time to ask for emergency funds. Indian business channel BTVI said that Jet’s board had authorized Dube to seek a minimum of 4 billion rupees in interim funding, and to ground the struggling airline if no funds materialized.
“Lenders are committed to a revival plan for Jet Airways,” Punjab National Bank’s Managing Director Sunil Mehta said. “SBI is working on the emergency funding, everything is under discussion, nothing is finalised.” Jet has some seven operational planes, one of its senior pilots told Reuters on Monday. A year ago it had more than 120 operating, but it has been hit by competition from low-cost carriers such as IndiGo and SpiceJet, along with high oil prices, fuel taxes and a weak rupee.
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