Jet Airways has cancelled all its international flights as the Indian airline seems to be on the brink of collapse.
Jet Airways appears to be at the point of total collapse after it cancelled all of its international flights on Friday.
Over the last few days, the debt-ridden airline’s planes were grounded over the non-payment of fees to aircraft leasing companies.
The airline has run out of cash, forcing pilots to go without salaries for months.
Earlier in the week, Jet Airways’ lenders invited initial bids to buy as much as 75 percent of the debt-laden carrier with the hope to inject $144m to keep the struggling carrier aloft.
Unfortunately for the airline, no such offer was made.
Despite India being the fastest-growing aviation market in the world, competition is fierce.
Carriers struggle to make money as the intense pressure on fares limit profitability.
The Jet Airways website states: “Due to operational reasons, our flight schedule has been impacted. We realise that this has affected our guests’ travel plans and truly regret the inconvenience.”
The airline says its customer support teams are working around the clock “to ensure that our guests are re-accommodated on to alternate flights or provided with a full refund”.
Flightradar24 tweeted a video illustrating the steady reduction in international services being offered by Jet Airways over the last 12 months.
The active Jet Airways fleet:
1 year ago
6 months ago
3 months ago
1 month ago
1 week ago
— Flightradar24 (@flightradar24) 11 April 2019
Jet Airways was once India’s second largest carrier with a fleet of 124 planes.