Aviation

India’s Jet Airways collapses due to funding shortage

Huntley Mitchell

Huntley Mitchell

The writing looked to be on the wall earlier this month, and now Jet Airways has suspended all its domestic and international operations, effective immediately.

The move comes not long after the 25-year-old Indian airline, which flies 600 domestic and 380 international routes, temporarily suspended all international flights until it met with lenders and try to secure funding, leaving passengers around the world stranded.

However, the meeting didn’t go as hoped for Jet Airways, with CEO Vinay Dube revealing in a statement that the consortium of lenders were unable to consider the airline’s request for interim funding.

“Since no emergency funding from the lenders or any other source of funding was forthcoming, it would therefore not have been possible for us to pay for fuel or other critical services to keep the operations going,” he said.

“Consequently, with immediate effect we are compelled to cancel all our domestic and international flights.

“This decision has been taken after painstaking evaluation of all alternatives and after receiving guidance and advice on the same from the board of directors of Jet Airways.”

Dube said the airline has tried every means possible over the past few weeks and months to secure funding to keep its operations going, but was left with no other choice than to suspend operations.

“A decision like this is never easy to make, but without the interim funding, which we have been repeatedly requesting for, we are simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of our guests, employees, partners and service providers,” he said.

Jet Airways will now await the bid finalisation process by SBI and the consortium of Indian lenders, and will continue to support the bid process initiated by the lenders.

For assistance, Dube said essential services needed to support Jet Airways guests and the re-commencement of flight operations will be kept onboard until further notice.

Guests who are booked on our flights with travel on future dates will be informed via text message email or phone call to the contact details listed in the booking.

Guests who are impacted by the temporary suspension of flight operations can request a refund for their confirmed bookings. Those who have booked through a travel agent are encouraged to reach out to them to process the refund.

“We sincerely and profusely apologise for the disruption to your travel plans,” Dube said.

“We would like to thank you for your continued patronage, support and loyalty over the years.

“We are hopeful that we will be able to bring the ‘Joy of Flying’ back to you soon.”

Jet Airways is the second airline to collapse in as many months, following the demise of Icelandic budget airline Wow Air in March.

SEE WHAT PEOPLE ARE SAYING

Leave a Reply

You must be logged in to post a comment.

Tourism

Norwich Cathedral farewells controversial ‘helter skelter’ with Bishop’s sermon on slide

by Christian Fleetwood

Yes, that is a Bishop on a shiny orange slide, and yes, he delivered a sermon on it. If you’re confused, here’s all you need to know about this whacky tourism initiative.

Share

CommentComments

Aviation

Aviation wrap: Virgin’s Aussie-first, Win a year of free travel with Jetstar, Hawaiian Airlines’ new Maui-Las Vegas flights + MORE

Gearing up for your next airfare? Well, you’re in luck, as Travel Weekly brings you its Tuesday special for all things aviation.

Share

CommentComments

Aviation

Old Berlin airport proposed as site for drive-in sex booths

by Christian Fleetwood

Proving once again that Travel Weekly publishes just about anything loosely related to travel comes this story about Berlin’s old airport.

Share

CommentComments

Cruise

Tune in to Silversea’s webinar TODAY to learn what’s new + the chance to win big!

The great news is there is still time to register for this webinar! Read on to find out how.

Share

CommentComments

Aviation

Qantas caps regional fares amid overpricing claims

The national carrier has capped rural fares in 16 towns across Australia amid public outcry over four-figure fares for outback destinations to reach the closest capital city.

Share

CommentComments

Tourism

“They didn’t offer beer at all”: These are the best one-star reviews of the world’s seven wonders

From decrying the lack of beer at Chichen Itza to finding the Colosseum downright creepy, these are the best of the worst when it comes to online reviews.

Share

CommentComments

Cruise

Tasmania sets sights on cruise tourism boost with plans for new regional ports

by Christian Fleetwood

Tasmania has set an ambitious three-year plan to have suitable cruise vessels, small to large, visiting regional ports across the state.

Share

CommentComments

Destinations

Events

ATTN AGENTS: Singapore Tourism celebrates socialisers with new roadshow + campaign!

The Find your TribeSingapore Tourism Trade Roadshow 2019 is just around the corner! Here’s all you need to know to find your tribe and get your name on the guest list.

Share

CommentComments

Events

Wholesalers

Intrepid Travel co-founder to reveal learnings from Al Gore at Travel DAZE 2019

At Travel DAZE 2019, attendees will hear from one of the first people to undertake Al Gore’s carbon training in 2010: Intrepid Travel co-founder Darrell Wade!

Share

CommentComments

Aviation

Fight breaks out on plane as Delta passengers face seven-hour delay

It appears a Lord of the Flies situation has broken out onboard an Airbus A320 after passengers were allegedly stranded with no food or water. Luckily, they managed to document the chaos on Twitter.

Share

CommentComments

Wholesalers

Wholesaler wrap: G Adventures’ big Antarctica sale, new AAT Kings tours, Wendy Wu to set sail down the Mekong + MORE!

If there’s one thing we love about Mondays, it’s seeing several gobsmackingly good deals on tours around the world. And that’s exactly what you’ll find in this week’s wholesaler wrap.

Share

CommentComments

Aviation

WATCH: Virgin Galactic showcases new Spaceport passenger lounge

by Christian Fleetwood

With designs marrying Earth and sky, Virgin Galactic’s Spaceport lounge aims to serenade the one per cent that can afford a trip to space in style.

Share

CommentComments