Jet Airways Grounded

April 18, 2019

Jet Airways has ceased operations and is grounded.

The Indian airline has issued the following statement.

Late last night, Jet Airways was informed by the State Bank of India (SBI), on behalf of the consortium of Indian Lenders, that they are unable to consider its request for critical interim funding.

Since no emergency funding from the lenders or any other source is forthcoming, the
airline will not be able to pay for fuel or other critical services to keep the operations
going. Consequently, with immediate effect, Jet Airways is compelled to cancel all its
international and domestic flights. The last flight will operate today.

This decision has been taken after a painstaking evaluation of all alternatives that were
made available to the Company and after receiving guidance and advice on the same
from its Board of Directors. Jet Airways has informed the DGCA, and the Ministries of
Civil Aviation and Finance and other relevant government institutions, of this course of

Over the last several weeks and months, the company has tried every means possible
to seek both interim and long-term funding. Unfortunately, despite its very best efforts,
the airline has been left with no other choice today but to go ahead with a temporary
suspension of flight operations.

This has been a very difficult decision but without interim funding, the airline is simply
unable to conduct flight operations in a manner that delivers to the very reasonable
expectations of its guests, employees, partners and service providers.

After 25 years of sharing the Joy of Flying with Indian and international guests, Jet
Airways has been forced to take this extreme measure as prolonged and sustained
efforts with lenders and authorities did not yield the desired results.

Essential services needed to support guest services and the re-commencement of the
flight operations will be kept onboard until further notice.

Jet Airways will now await the bid finalization process by SBI and the consortium of
Indian Lenders.

In its response to the airline, the lenders have said, “The Expressions of Interest (EOI)
have been received and bid documents have been issued to the eligible recipients today.
The bid documents inter alia has solicited plans for a quick revival of the company. The
bid process will conclude on 10th May 2019 … We are actively working to try and ensure
that the bid process leads to a viable solution for the company.”

Jet Airways will continue to support the bid process initiated by the lenders.

The airline will inform all guests about the temporary suspension of flight operations
via text message or email to the contact details listed in their bookings.

Jet Airways sincerely and profusely apologizes for the disruption to the travel plans of
all its guests. The airline would like to thank them for their continued patronage, support and loyalty over the years.

Jet Airways is hopeful that it will be able to bring the Joy of Flying back to its guests as
soon as possible. Over the past 25 years, Jet Airways has established itself as India’s
airline of choice and the flag-bearer of warm Indian hospitality around the world.

The airline has proudly fuelled India’s economic engine, enabling business travelers and
tourists alike to traverse the length and breadth of India and the world. Even during
the toughest of times, Jet Airways employees have worn a smile on their face and put
their duty to its guests and the nation first.

Above all, the airline would like to express its sincere gratitude to all its employees and
stakeholders that have stood by the Company in these trying times. We hope to bring
the flying sun back into the skies.

Read: Speculation Jet Airways will ground fleet.