People Express Their Sorrow As 16,500 Jet Airways Staff Become Jobless In Just One Day

They had been with the company for years, some even for decades and saw the company in its heyday when it was the largest private airline in India. But late on Wednesday, they received the message that they had dreaded for months now. Jet Airways announced that it is grounding all its flights and temporarily suspending all operations.

This came as a shock to the thousands of Jet Airways employees who had been working with the company without payments for months, hoping against hope that it will overcome the crisis and will go back to the good old days.

AFP

In a letter to the employees, Jet Airways CEO Vinay Dube wrote that it was "not an easy decision to make, but without the interim funding, which we have been repeatedly requesting for, we are simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of our guests, employees, partners and service providers."?

Around 16,500 employees including pilots, engineers and ground staff who have not been paid for months have been left in the dark, with the company making no promises on clearing their dues.?

AFP

While some pilots and engineers have been absorbed by the likes of SpiceJet and IndiGo, they have been offered much less, in some cases up to 50 percent less salary packages. They are still willing to accept the offer as they have been unpaid for months and have families to take care of.

Many on twitter expressed solidarity with them.

Jet, which had been battling financial turbulence for months was dealt a final blow on Tuesday after the consortium of lenders led by the State Bank of India (SBI) refused a request to infuse Rs 983-crore in emergency funding to remain afloat. But the lenders who had earlier failed to find a potential buyer for the airline refused any fresh funding.

The airline which was operating just five flights on Wednesday did not even have money to buy fuel or pay other service charges, forcing them to call it to quit, bringing an end to the journey that began 26 years ago.

AFP

Meanwhile, the lenders who had taken control of Jet Airways following a bailout said they are “reasonably hopeful” that the bidding process for the grounded airline will end successfully.

Earlier attempts to sell Jet Airways which is sitting on a debt of over Rs 8000 crore had failed.

According to reports, the lenders have since received bids from at least four potential buyers. But with the airline grounded and most of its leased fleet taken away it will be unlikely that the sale will go through. That leaves Jet Airways with no option, but to file for insolvency, to pay off the debts to both lenders and staff.?