Jet Airways likely to temporarily shut down operations

Jet airways

Meanwhile, the urgently-needed rescue aid from banks is still not confirmed as lenders can not agree as to the best course of action.

Prabhu's fresh orders came a day after the cash-strapped airlines suspended all its global flights till April 18.

Jet Airways' shares crashed this morning amid reports that its board has proposed a total operational shutdown. In an email to anxious employees CEO Vinay Dube yesterday announced that with the interim funding still not forthcoming, Jet Airways has extended the cancellation of global operations till April 19.

The board has asked CEO Vinay Dube to engage with lenders on interim funding for one last time, sources said, adding that Dube has been authorised by the board to announce complete halting of operations by evening if lenders do not agree to release the funding.

Jet, which has around $1.2 billion in bank debt, has been teetering for weeks after failing to receive a stop-gap loan of about $217 million as part of a rescue deal in late March.

Seeking to take pilot's seat after he was nudged by the lenders to quit, Goyal had placed his bid through Jetair Pvt Ltd and backed by two foreign enntities.

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This will also be the team's second consecutive game in London as they played Seattle there last season. The Bears already announced the season opener against the Packers at Soldier Field on Thursday, Sept. 5.

The Mumbai-headquartered airline, in the exchange filing, said that the operations of the beleaguered airline have been severely impacted in the last few days due to acute fund shortage.

Only the shortlisted candidates will be allowed to bid, said the sources on condition of anonymity.

Representatives of various lenders to Jet Airways are also understood to have discussed issues related to Jet Airways with Financial Services Secretary Rajiv Kumar.

These include private equity firms TPG Capital and Indigo Partners, Indian sovereign wealth fund National Investment and Infrastructure Fund (NIIF), and the UAE's Etihad Airways, which already owns a minority stake in Jet, it said.

India's civil aviation regulator disclosed on Tuesday that lessors have sought to de-register another seven Jet aircraft.

As of 1415 GMT on Tuesday, Jet listed on its website roughly three dozen flights that it plans to operate on Wednesday.

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