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Jet nears shutdown as lifeline elusive

DNMUM434968 | 4/16/2019 | Author : DNA Money Correspondent | WC :635

Bankers fail to provide funding of Rs 1,500 cr; carrier extends suspension of overseas flights till Thursday

Jet Airways has cancelled all its international flights up to April 18 after bankers failed to provide interim financing of Rs 1,500 crore, which they had planned to infuse as part of the resolution plan mooted by State Bank of India (SBI).
The Jet Airways Board will meet today to discuss the future course of action. SBI, the lead lender to the airline, said it will vet the bid proposals received before taking a call on further funding.
In an internal communication, Vinay Dube, chief executive, Jet Airways, said, “We have extended cancellation of international operations through Thursday, April 18,” adding that the decision was taken following the non-receipt of funds from its lenders, who have now management control of the airl
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