Deals
Jet Airways Lenders Refuse More Funding as Airline Risks Shutdown
- Jet officials meeting to take a call on continuing operations
- Cash-strapped airline is operating fewer than 10 aircraft now
Jet Airways aircraft sit on the tarmac at Chhatrapati Shivaji Maharaj International Airport in Mumbai, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Lenders to Jet Airways India Ltd. have refused to bail out the cash-strapped carrier, according to people familiar with the situation, forcing the nation’s oldest surviving private airline to consider temporarily grounding its flights.
Bankers have confirmed that there’s no money coming in for now, the people said asking not to be identified as the matter is not public. Jet Airways executives, including operational heads, are meeting in Mumbai Tuesday to take a call on complete halt of operations, according to two persons in the know, even as the failing airline scrambles to get a new investor.