JET Airways may have been the second largest in India with a 17.8 percent passenger market share but a decline in profit and a lack of funding has forced it to bite the dust.
Founded in 1992, the Mumbai-based international airline announced it would be suspending all flight operations, seemingly overnight. Jet Airways had been facing a financial crisis since February 2019.
In a heartfelt statement, the airline wrote, ” It is with deep sadness and with a heavy heart that we would like to share with you that, effective immediately, Jet Airways will be suspending all its domestic and international operations. Late last night we were informed by SBI, on behalf of the consortium of Indian lenders, that they are unable to consider our request for interim funding. Since no emergency funding from the lenders or any other source of funding was forthcoming, it would therefore not have been possible for us to pay for fuel or other critical services to keep the operations going.”
“Consequently, with immediate effect we are compelled to cancel all our domestic and international flights. This decision has been taken after painstaking evaluation of all alternatives and after receiving guidance and advice on the same from the Board of Directors of Jet Airways,” the airline added.
Jet Airways explained it had tried every means possible to seek funding over the last several weeks and months to keep its operations going but unfortunately, despite the very best of its efforts, they have been left with no other choice.
“A decision like this is never easy to make, but without the interim funding, which we have been repeatedly requesting for, we are simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of our guests, employees, partners and service providers. After 25 years of sharing the Joy of Flying with Indian and International guests, Jet Airways and its Board of Directors have been forced to take this extreme measure, as prolonged and sustained efforts with lenders and authorities to ensure the sustainability of the airline did not yield the desired results,” Jet Airways explained.
For assistance, essential services needed to support its guests and the re-commencement of the flight operations will be kept onboard until further notice.
Guests who are booked on Jet Airways’ flights with travel on future dates will be informed via text message email or phone call to the contact details listed in the booking. Guests who are impacted by the temporary suspension of flight operations can click here to request for a refund for their confirmed bookings.
In case you have booked through a travel agent, please reach out to your travel agent to process the refund.
“We sincerely and profusely apologise for the disruption to your travel plans. We would like to thank you for your continued patronage, support and loyalty over the years. We are hopeful that we will be able to bring the Joy of Flying back to you soon,” the airline concluded.