OFFICIAL: The bankruptcy proceedings have been launched in the case of Jet Airways
Two months after stopping all operations in India and abroad, Jet Airways did not find a buyer. The bankruptcy procedure has been launched against the company!
On 17 April 2019, Jet Airways stopped all operations. The Indian air carrier has collected a debt of 1.2 billion dollars, plus delays in the payment of the leasing for airplanes and the payment of the fuel suppliers.
Jet Airways officials, those remaining at the management level, sought to redress the company through a restructuring plan, but also by looking for investors. Unfortunately, the plans did not materialize. Thus, Jet Airways went bankrupt.
Bankruptcy Jet Airways
The Indian Creditors' Union, led by the State Bank of India (SBI), announced on 17 June, after appropriate deliberations, the start of the bankruptcy procedure. This applies in accordance with the insolvency and bankruptcy laws of India.
Next is the use of all the company's assets. That means selling planes, office space and slots at partner airports in India. Vistara and AirAsia India are taking advantage of this opportunity, wanting to buy slots at Mumbai airport.
We also mention that Jet Airways shares are in free fall. Their trading will be suspended on 28 June. But they have already lost over 61% of value in just 12 consecutive days.