Current Affairs
Beleaguered carrier Jet Airways halted all operations on Wednesday after its lenders rejected its plea for emergency funding from the airline that was once India's largest private carrier.The airline, known for its "The Joy of Flying" tagline, has been teetering for weeks, saddled with over $1 billion in debt.
Its lenders, led by State Bank of India (SBI), last month agreed to bail it out in a complex deal that involved the banks taking a majority stake and providing a fresh loan of $217 million, while continuing to look for a new investor. That loan never materialised, gradually crippling the 25-year old airline's operations.
Here are some major developments in Jet's story:
2018
Aug 3 - Jet denies media report it cannot fly beyond 60 days, dismisses rumours of stake sale
Aug 11 - State Bank of India (SBI) chairman says Jet's loan is on watch list. Jet says regularly paying banks.
Aug 27 - Jet posts June-quarter loss, says will inject funds, cut costs by more than 20 billion rupees ($288 million) in two years
Sept 6 - Jet says paid salaries to 84 percent of its employees after media reports that pilots warned 'non-cooperation' over salary default
Nov 5 - Media report says Indian conglomerate Tata Group aims to buy 51 percent stake in airline and merge Jet with Tata's Vistara
Dec 5 - Jet and UAE's Etihad Airways have been holding rescue talks with Jet's bankers, sources tell Reuters..Read More
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