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Jet Airways To Shut Down Following Failed Funding
India’s Jet Airways has announced the temporary cessation of all operations from Wednesday evening onward after Indian banks rejected any further funding for the failing carrier. (airwaysmag.com) More...
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Another one bites the dust.
Ultimately it is the customer who bites the dust. The owners and the promoters have heyday and go Scot free.
cheap flights within the indian subcontinent apparently are insuficient to support a designated low cost airline. Tough to change the frugality of the indian populace.
there is more losing here than first noted: the leasing companies have to forclose on equipment while their revenue stream is interupted, pilots were not paid for three previous months, other employees were not paid nor were the fuel suppliers. As the company went through its death strangle, it shed aircraft to forclosers and employees to furlough. If the owners and so-called promoters siphoned cash on the way out they would be subject to Indian criminal law, to trial and imprisonment.
