Mumbai (TAN): India’s oldest private airline, the 25-year-old Jet Airways, cancelled all its domestic and international flights indefinitely on Wednesday.
It’s last flight, a domestic one, flew on Wednesday night.
“We hope to bring the flying sun back into the skies,” a statement by Jet Airways on Wednesday evening said.
The airline is running more than INR 8,000 crore (USD 1.15 billion) in bank debt and is unable to pay its suppliers, lessors, oil companies and staff.
Jet employees have not got salaries for the past three months-and-a-half months.
A consortium of lenders is now looking for an investor to acquire up to 75 per cent stake in the airline and turn it around.
Only a year ago, the airline had 120 planes in the air.
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