Lenders discussing ways to revive Jet Airways; fund infusion likely soon

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

The airline is operating less than 10 planes besides temporarily suspending global operations.

Former Chairman Naresh Goyal has withdrawn from making a bid for a stake in the company, the television channel reported.

With Goyal opting out, the airliner is likely to shut down operations temporarily.

Jet Airways shares were down as much as 18.53 percent, their worst session since August 2015.

A meeting between the airline's management and lenders went on till late Tuesday evening but the impasse continued.

Etihad Airways PJSC, India's National Investment and Infrastructure Fund (NIIF) and private equity firms TPG Capital and Indigo Partners were shortlisted on Monday to place binding bids for Jet Airways.

Airlines were advised to continue to monitor at their level and provide information to the DGCA to keep fares low as far as possible, he noted.

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Civil Aviation Secretary Pradeep Singh Kharola said the authority reviewed airfare fluctuations in 40 high-density sectors in the country.

Thousands of passengers have been stranded in recent weeks after the airline, which has debts of more than $1 billion, cancelled worldwide flights because it can not pay its bills.

According to the sources, while the board is asking of an immediate infusion of Rs 1,000 crore, the lenders are demanding some collateral for the infusion of funds.

Jet Airways said it is awaiting "emergency liquidity support" from the SBI-led consortium of lenders to arrest further deterioration in its services.

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.

A government official said that approaching the NCLT for Jet Airways is not an option at this stage. With lenders to Jet, unwilling to pump in the promised Rs.1500 cr., which they had said that they would do; the airline is now heading to an imminent closure.

"In the last few months, about 250 pilots have left the airline while 23 pilots resigned on Tuesday".

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