Jet Airways likely to cancel all flights temporarily

Beleaguered airline Jet cancels international flights till Apr 18

In an internal communication, chief executive Vinay Dube also said the airline's board will meet Tuesday to discuss the next step for the carrier.

The board of the full service carrier, which is now operating less than 10 aircraft, is meeting in Mumbai on April 16.

In a bid to rescue the 25-year old carrier, Jet's lenders are attempting to bring in a new investor to buy a stake of up to 75 percent in the airline and initial expressions of interest were submitted last week.

Meanwhile three firms believed to represent founder Naresh Goyal have reportedly withdrawn from bidding process for the airline after other bidders threatened to walk away.

SBI Capital Markets has the mandate for Jet Airways sale on behalf of the SBI-led consortium of the domestic lenders to the debt-ridden private carrier.

The carrier, which has more than Rs 8,000 crore debt, is now operating less than 10 aircraft.

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Shares of Jet Airways plunged almost 19 per cent on Tuesday amid reports that the company is likely to temporarily shut down its operations.

It was operating fewer than 10 planes yesterday and has just seven in circulation today, The Economic Times said, paying fuel suppliers on a day-by-day basis.

An ET Now report quoted sources who said that the management the airline proposed to suspend all operations of the debt-laden airline at its board meeting.

"The interim funding has not been forthcoming thus far, and as a result we have extended cancellation of worldwide operations through Thursday", said CEO Vinay Dube in a letter on Monday to Jet's over 20,000 employees.

Jet Airways has been losing planes in recent weeks as lessors scramble to de-register and take back their aircraft, even as Jet's lenders have sought expressions of interest in the carrier from potential investors.

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