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Jet Airways, formerly the largest privately-owned airline in India, announced Wednesday that the airline has suspended all operations after failing to fundraise enough cash to stay afloat. Less than a week ago, Jet canceled all international flights through April 15, raising fears that the carrier was in danger of losing it all.
“Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going,” a Jet Airways statement said.
Jet Airways lenders, led by the government-run State Bank of India, stated that they would not extend additional funding to the airline, no doubt with the airline’s $1 billion+ debt in mind. Jet, which had 119 aircraft as of December 31, recently defaulted on some of those debts after reporting a net loss in Q4 of around $83 million. Jet Airways pilots have complained that they haven’t been paid in four months; the New Delhi Television news channel said 20,000 airline jobs are at stake.
In light of these issues, Jet Airways “has decided to go ahead with temporary suspension of operations,” the airline stated.
If you’ve been affected by the Jet Airways operations suspension, check out our guide on what to do to get your money (and your self!) back.
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Featured photo by Nicolas Economou/NurPhoto via Getty Images
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