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Jet Airways crisis: Management of the debt-laden airline plans to halt ops

Jet Airways shares were down as much as 18.53 per cent, their worst session since August 2015

Reuters 

Jet Airways
Jet Airways

The management of India's has proposed to suspend all operations of the debt-laden airline at its board meeting, a channel reported on Tuesday quoting sources.

Former Chairman has withdrawn from making a bid for a stake in the company, the television channel reported.

shares were down as much as 18.53 per cent, their worst session since August 2015.

On Monday, the airline in a letter to its employees said it planned to extend its suspension of international flights until Thursday as it had not received any interim funding from lenders.

ALSO READ: Jet Airways stares at shutdown, board meets today as lenders refuse funds

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

Local media have reported that as many as six parties have submitted expressions of interest, though it is still far from clear if an acceptable bid will materialize.

did not immediately respond to a Reuters request for comment.

First Published: Tue, April 16 2019. 13:36 IST
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