MUMBAI - India's debt-stricken Jet Airways halted all of its operations Wednesday after failing to secure emergency funding from lenders, leaving it teetering on the edge of bankruptcy. "Jet Airways will now await the bid finalisation process by SBI and the consortium of Indian Lenders," the airline said, adding that it hoped to resume services "as soon as possible". Analysts trace the start of Jet's financial problems to its 2006 purchase of Air Sahara for $500 million in cash. The Mumbai-based carrier quickly gained a reputation for introducing new initiatives -- Jet was the first Indian airline to offer a frequent flyer programme and in-flight entertainment. Alarm bells about Jet's financial predicament started to ring loudly in August when it failed to report its quarterly earnings or pay staff, including pilots.
Source: Bangkok Post April 17, 2019 14:48 UTC