Working with lenders to keep airline in air: Jet Airways CEO to staff
New Delhi, Apr 16 (UNI): Cash-strapped airline Jet Airways on Tuesday informed its employees that the airline has been working with the Indian lenders to provide all the support required to keep the airline in the air.
Airline CEO Vinay Dube said they have highlighted during the meet with the bankers the urgent need of funding, which is critical for continuing the airline's operations.
Mr Dube said this in an email to all its employees, following his meet with the SBI-led consortium, on releasing the funds to the airline immediately.
Earlier in the day, the Board of Directors of Jet met the domestic lenders on the status of funds. However, the lenders were not able to reach a consensus on the issue.
Later, Mr Dube was authorised by the Board of Directors to make a last attempt with the lenders on releasing the funds immediately.
Mr Dubey wrote: “Subsequent to the meeting of the Jet Airways Board of Directors held earlier today, the company’s leadership continued its engagement with the Indian lenders (led by State Bank of India). The company, under guidance of the board has reached out to our lead lender, State Bank of India yet again and stressed on the need for urgent funding requirements, critical to the continuation of the operations of our airline.”
He added that during the meet, they have made it clear the specific areas would be impacted if the funds were not released immediately.
“Please be assured that we continue to work proactively with the Indian lenders to provide all the support which may be required, to help us resurrect Jet Airways, including working closely with the potential parties that are keen on bidding for the airline,” he added.
Jet Airways has been facing a mounting debt of more than Rs 8,000 crore. On March 25, the airline’s board meet decided to infuse a capital of Rs 1,500 crore immediately to put the carrier on the roadmap of recovery. However, the decision has not materialised till date.
Only six or seven planes of the airline are currently in operation.
The airline has suspended its international operations and curtailed its domestic flights drastically. The carrier has forced to ground its planes due to non-payment of rents to lessors.
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