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Jet Airways fails to secure emergency funding, board to meet Tuesday

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Christian Fernsby ▼ | April 15, 2019
Jet Airways
Asia   Chief executive Vinay Dube said Jet's board would meet on Tuesday

Jet Airways has failed to secure emergency funding from its lenders.

The company, which last week suspended all international flights, has extended the cancellation period until Thursday.

It was India's second-largest airline by market share, until recently. But dozens of its planes have been seized by creditors, leaving the firm with only seven operational aircraft.

Chief executive Vinay Dube said Jet's board would meet on Tuesday.

Thousands of passengers have been stranded due to the firm's lack of funds. Jet now has debts of more than $1.2bn (£900m).

In a letter to staff, Mr Dube said that interim funding had "not been forthcoming thus far".

He added: "We will keep you updated on all critical developments."


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