Jet Airways crisis deepens, no flight from Monday

Jet Airways crisis deepens, no flight from Monday

Agency News

New Delhi, Apr 14 : The crisis in cash-strapped airlines Jet Airways has deepened as their pilots have decided not to fly from Monday.
The decision taken by the airlines pilot’s body ‘National Aviators Guild’(NAG) which has over 1100 pilots associated with.
The Jet Airways has 1600 pilots as of now.
The engineers and senior management staffs have also not been paid since January this year while the junior staffs were paid partially and they also have not got the salary of March yet.
However, the airline’s management has assured the employees that that entire dues would be cleared soon once Rs 1500 crore loan would be given by the State Bank of India.
On March 25, the Jet Airways’ Board had approved a resolution plan in which it was decided that lenders, led by State Bank of India, would infuse a capital of Rs 1500 crore immediately to save the airline. However, the plan could not be materialized so far.
The SBI-led consortium had also invited expressions of interest to sell the stake in airline. The deadline for the EoI ended on Friday. Now the bankers would invite prominent bidders by April 30.
The airline has been facing a mounting debt of more than Rs 8,000 crore. The airline has forced to ground more planes due to non-payment of amounts outstanding to lessors under their respective lease agreements.
Few months before, the Jet Airways used to operate 120 flights a day but due to cash crunch now the operation was limited to just 15 flights a day.