Jet Airways suspended all flights on Wednesday after failing to secure emergency funding from lenders.
India’s second-largest airline suspended all flights Wednesday after running out of money and failing to secure emergency funds from lenders.
Jet Airways, currently $1.2 billion in debt, had been negotiating with lenders for several weeks before the decision to suspend operations was made today. While the airline carries around 123 planes and is the largest private airline in the country, reports say they were only using five planes amid escalating funding issues, according to local media.
In a statement on Wednesday, Jet Airways announced that their domestic and international operations were being temporarily suspended with immediate effect as they lacked the funds to pay for “fuel or other critical services.“
“Over the last several weeks and months, the company has tried every means possible to seek both interim and long-term funding,” the statement said.
