Jet Airways suspends all worldwide flights

Jet Airways suspends all worldwide flights

Cash strapped Jet Airways has cancelled all its global flights and continues to cancel domestic more flights, raising doubts about its survival over the next few days.

Now, with promoter Naresh Goyal stepping down as Chairman of the airline, Etihad Airways is once again said to have considered its position in the airline and may look to stay invested by submitting a bid.

Singapore's Changi Airport tweeted on April 11 that Jet Airways suspended its services to and from Singapore until further notice.

It owes various lenders 8,000 crore rupees (S$1.6 billion).

While Jet Airways has been reduced to a fleet of 14 aircraft, India's total fleet strength of about 670 planes has lost close to 117 airliners, as per industry estimates and official regulatory information.

Almost 30 Jet flights from Mumbai to Delhi, Bengaluru, Hyderabad and Chennai on April 12 and 13 and 23 flights from Delhi have also been cancelled.

A consortium of investors led by the State Bank of India (SBI) took control of the airline in March. "Following this, there are no Jet flights to and from Kolkata, Patna, Guwahati and other airports in the region", a travel industry source told PTI. Till recently, the airline operated flights, including Airbus A330s, Boeing 777s, 737-800 and ATRs, to various destinations such as London, Toronto, Singapore, Amsterdam, Paris and Bangkok.

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In a separate statement, Jet said a flight from Mumbai to Kolkata, from Kolkata to Guwahati and from Dehradun to Kolkata via Guwahati have been cancelled.

Etihad Airways is the latest player to enter the race to acquire a stake in debt-laden Jet Airways, with the Abu Dhabi-based airline submitting the Expression of Interest (EOI) today, sources aware of the development told CNBC-TV18.

Earlier, in the day the aviation secretary Pradeep Singh Kharola told PTI that the ministry may review Jet's eligibility to continue its worldwide operations after it gets a report from the regulator DGCA on the issue.

An Indian airline must fly 20 or more to operate overseas flights.

The meeting remained inconclusive, as "there did not seem to be any urgency on additional funding on the part of the bankers", the source said.

Jet Airways has posted losses in nine of the past 11 years and struggled to compete with low-priced carriers, with cumulative losses bloating to about US$1.6 billion (S$2.17 billion) as of end-March last year. You can check here if your flight on April 12 or 13 has been cancelled.

Jet's creditors have reportedly seen interest from a number of parties, including Indigo and TPG Capital, for a stake of anywhere between 31% and 75% in the airline.

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