India’s Jet Airways loses two executives as rescue options fade
The CEO and CFO have both quit as only three conditional offers have been received for airline which has been grounded since April 17
Bengaluru — The CEO and head of finance at Jet Airways have both quit, the Indian company said on Tuesday, further eroding hopes of a rescue of the debt-laden carrier that grounded operations last month. Jet, once the biggest private carrier in the country, owes vast sums to its lessors, employees, fuel suppliers and other parties. It stopped all flights from April 17 after its lenders refused to give it any more funds to keep the carrier flying. Jet, also saddled with roughly $1.2bn in bank debt, was crippled by mounting losses as it attempted to compete with low-cost rivals Interglobe-owned IndiGo, SpiceJet and Wadia Group-owned GoAir. The airline has been rapidly shedding aircraft in recent weeks, as lessors have rushed to deregister and repossess planes in the wake of the turmoil. It has also lost hundreds of pilots, cabin crew and engineers to rivals and seen its valuable slots re-allocated to rivals, further eroding any residual value and hopes of new investors stepping in to ...
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