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Jet Airways Cancels All International Flights, Sparking Fears Of Collapse
Indian airline company Jet Airways has canceled all its international flights, raising fears among employees and passengers that the company is on the brink of collapse.
The airline released a statement that it has “canceled its international operations from 12th to 15th April,” as reported by CNN.
A statement on Jet Airways website reads, “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.”
Company officials added that they are working to minimize the impact on passengers.
“We would like to assure you that our 24×7 Contact Centre, Social Media and Guest Relations teams are working 24×7 to handle schedule adjustments including offering re-accommodation choices or extending full refunds as applicable.”
The announcement comes after the debt-ridden airline’s planes were grounded for non-payment of fees to aircraft leasing companies. The airline has run out of cash, forcing pilots to go without pay for months, according to Secret Flying.
Lenders for Jet Airways invited investors to buy as much as 75 percent of the company to keep the company going. No offer was made.
India is one of the fastest-growing aviation markets in the world, but the competition makes it hard for airline companies to make money. Rising oil prices and unstable currency rates have made it even harder.
Jet Airways was India’s second largest carrier after Air India.
The carrier, which has posted losses in nine of the past 11 years, is currently saddled with more than $1.2 billion in debt, according to a report from Secret Flying.
There are growing concerns that passengers will be left stranded and thousands of people will be left without jobs if the company collapses. Most recently, the Icelandic Airline carrier WOW Air ceased all operations, leaving passengers stranded across two continents.