India’s Jet Airways has halted both domestic and international flight operations following the carrier’s failure to secure interim and long-term funding that will ensure it remains afloat.
In a statement, the company said that it could not meet the expenses of paying fuel and other critical services to keep the operations going and thus temporary halted the operations beginning Wednesday.
“Unfortunately, despite its very best efforts the airline has been left with no other choice today but to go ahead with a temporary suspension of flight operations,” it said in a statement.
This comes barely a month after the airline reduces its fleet to just five aircraft and suspended international operations.
An earlier report by Reuters stated that the company had failed to secure an agreed loan of approximately $ 217 million from lenders.
The firm’s stock has been greatly affected as the shares have plunged to around 20 per cent with more than 20,000 employees on the verge of losing their jobs.