{"id":4321,"date":"2019-04-17T08:36:44","date_gmt":"2019-04-17T13:36:44","guid":{"rendered":"http:\/\/planesintheair.com\/?p=4321"},"modified":"2019-04-17T08:36:50","modified_gmt":"2019-04-17T13:36:50","slug":"jet-airways-to-suspend-operations-after-banks-reject-funding","status":"publish","type":"post","link":"https:\/\/planesintheair.com\/?p=4321","title":{"rendered":"Jet Airways to Suspend Operations After Banks Reject Funding"},"content":{"rendered":"\n<p>MUMBAI\/NEW  DELHI, April 17 (Reuters) &#8211; India&#8217;s embattled Jet Airways Ltd is set to temporarily halt operations from Wednesday onward after its lenders rejected the airline&#8217;s plea for emergency funds, three sources from  inside the company said on Wednesday.<\/p>\n\n\n\n<p>The airline, saddled with roughly $1.2 billion of bank debt, has been  teetering for weeks after failing to receive a stop-gap loan of about  $217 million from its lenders, as part of a rescue deal agreed in late  March.<\/p>\n\n\n\n<p>Separately,  two sources at state-run banks told Reuters on Wednesday that the  lenders had rejected the 4 billion rupees ($58 million) that Jet had  sought to keep itself temporarily afloat, while its lenders attempted to  identify an investor willing to acquire a majority stake in the airline and attempt to turn it around.<\/p>\n\n\n\n<p>&#8220;Bankers did not want to go for a piecemeal approach which would keep the carrier flying for a few days and then again risk having Jet come back  for more interim funding,&#8221; said one of the bank sources directly involved in Jet&#8217;s debt resolution process.<\/p>\n\n\n\n<p>All five sources declined to be named as they have not been authorized to discuss the matter with media.<\/p>\n\n\n\n<p>Jet and its lead lender State Bank of India (SBI) did not immediately respond to requests for comment.<\/p>\n\n\n\n<p>($1  = 69.4120 Indian rupees)<\/p>\n\n\n\n<p>(Reporting by Tanvi Mehta and Promit Mukherjee  in Mumbai and Aftab Ahmed and Aditi Shah in New Delhi; Writing by Euan  Rocha; Editing by Susan Fenton)<\/p>\n\n\n\n<figure class=\"wp-block-image is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/planesintheair.com\/wp-content\/uploads\/2019\/04\/Jet-Airways1.jpg\" alt=\"\" class=\"wp-image-4324\" width=\"594\" height=\"334\" srcset=\"https:\/\/planesintheair.com\/wp-content\/uploads\/2019\/04\/Jet-Airways1.jpg 600w, https:\/\/planesintheair.com\/wp-content\/uploads\/2019\/04\/Jet-Airways1-300x169.jpg 300w\" sizes=\"auto, (max-width: 594px) 100vw, 594px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s embattled Jet Airways Ltd is set to temporarily halt operations from Wednesday onward after its lenders rejected the airline&#8217;s plea for emergency funds, three sources from inside the company said on Wednesday.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[797,89,2203,1397,868,1103],"tags":[420,625,160,887,3022,447,2495,4247,4062,4248,3910,805,589,3615,3015,718,412,1557,4246,3017,1288,1634,4249,4245],"class_list":["post-4321","post","type-post","status-publish","format-standard","hentry","category-airline-news","category-aviation-news","category-finance-news","category-stock-news","category-transportation-news","category-travel-news","tag-airline","tag-airways","tag-aviation","tag-bank","tag-banks","tag-deal","tag-debt","tag-delhi","tag-funding","tag-gap","tag-halt","tag-india","tag-jet","tag-loan","tag-mumbai","tag-new","tag-news","tag-operations","tag-reject","tag-rescue","tag-reuters","tag-state","tag-stop","tag-suspend"],"_links":{"self":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/4321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4321"}],"version-history":[{"count":3,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/4321\/revisions"}],"predecessor-version":[{"id":4325,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/4321\/revisions\/4325"}],"wp:attachment":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}