TECHNOLOGY

Jet Airways’ lenders hope bidding process can save airline

Jet Airways planes parked on the tarmac in Mumbai. (File photo: AP)

Creditors of India’s beleaguered Jet Airways say they are “reasonably hopeful” that a bidding process with potential investors for a controlling stake in the airline will save the company.

The consortium of 26 lenders led by State Bank of India released the statement Thursday following cash-starved Jet Airways’ decision late Wednesday to suspend flight operations.

Shares in the Mumbai-based airline, once the largest private airline in India, were down 26.9 percent in intraday trading on the Bombay Stock Exchange.

Travel agents in New Delhi said the suspension of operations was affecting prices and availability in and outside of India.

Sadhana Tours India agents say they are struggling to find seats on direct flights for customers traveling domestically and internationally, and that prices Thursday were twice as high as a week ago.

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Last Update: Thursday, 18 April 2019 KSA 10:49 - GMT 07:49
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