Report by : Gan Yung Chyan
/ KUCINTA SETIA
Jet Airways has flown into bankruptcy proceedings.
A creditor group led by the National Bank of India issued a statement in the evening of the 17 June 2019, stating that the debt-ridden Jet Airways failed to obtain transitional funds as planned, and that the airline, the bank and the Indian government had aborted the rescue plan. Therefore, the airline has officially entered bankruptcy proceedings.
Jet Airways is India's first private airline and was once India's largest private airline. Earlier this year, Indian media exposed the company’s arrears of wages, and some pilots and flight attendants held small-scale strikes. In April 2019, due to the exhaustion of funds, Jet Airways announced that its domestic and international flights were completely grounded.
Jet Airways was founded in the 1990s. At the peak of its operations, the airline had more than 120 aircraft, with approximately 600 flights a day and nearly 20,000 employees. Affected by factors such as market competition, weak rupee and rising fuel costs, the company's financial situation has deteriorated in recent years. It is estimated that its debt exceeds $1 billion.
/ KUCINTA SETIA
Jet Airways has flown into bankruptcy proceedings.
A creditor group led by the National Bank of India issued a statement in the evening of the 17 June 2019, stating that the debt-ridden Jet Airways failed to obtain transitional funds as planned, and that the airline, the bank and the Indian government had aborted the rescue plan. Therefore, the airline has officially entered bankruptcy proceedings.
Jet Airways is India's first private airline and was once India's largest private airline. Earlier this year, Indian media exposed the company’s arrears of wages, and some pilots and flight attendants held small-scale strikes. In April 2019, due to the exhaustion of funds, Jet Airways announced that its domestic and international flights were completely grounded.
Jet Airways was founded in the 1990s. At the peak of its operations, the airline had more than 120 aircraft, with approximately 600 flights a day and nearly 20,000 employees. Affected by factors such as market competition, weak rupee and rising fuel costs, the company's financial situation has deteriorated in recent years. It is estimated that its debt exceeds $1 billion.
Very sad i found it to br the best airline to travel while i was in India
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