Jet Airways seeks emergency funds, operates only 5 planes

With no funds coming from lenders, Jet Airways now seeking divine intervention

A senior government official said that funding for Jet Airways from lenders is likely to come through.

Bankers and an Indian government official said lenders are trying to line up funds to keep aloft the once-dominant Indian airline, whose shares earlier on Tuesday slumped to their lowest levels since August 2015.

The management of cash-strapped Jet Airways will take a final call by end of the day on whether to continue operations as the airline makes last ditch efforts to raise funds, people in the know said Tuesday. Any buyer will need to pump in at least Rs.15,000 crores in order to revive the airline, which appears to be a steep price for an airline with numerous legacy issues of financial mismanagement, siphoning of funds, unknown liabilities and lapses in governance and regulatory compliances.

With no funds coming in from its lenders, the beleaguered Jet Airways had to extend the suspension of its global flights till April 18. Jet CEO Vinay Dube wrote to employees on Monday evening after meeting lenders: "As you are aware, we have been working with the lenders to secure interim funding for our operations".

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The full service carrier, which is now operating less than 10 aircraft, is awaiting fresh fund infusion under a debt resolution plan. Meanwhile, the airline has extended suspension of its global operations till April 18.

In a filing to BSE, Jet Airways reacted to queries from the stock exchanges on a media report that said "Jet Airways likely to temporarily shut down its operations" stating it is awaiting emergency liquidity support from the consortium of lenders led by State Bank of India. Sources have informed the board that operations will be unsustainable.

Pursuant to a debt resolution plan approved by the airline's board last month, SBI Capital Markets, on April 8, invited Expression of Interest (EoI) from potential investors to buy out 75 percent stake in the airline.

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