The airline has run out of cash, forcing pilots to go without salaries for months.
The debt-swamped Indian airline Jet Airways has reportedly canceled all of its international flights on Friday.
The airline has run out of cash, forcing pilots to go without salaries for months and causing failed payments to companies that lease aircraft, as well as defaults on other loans. Illustrating the point, flight tracking website Flightradar24 has published a tweet showing the steady reduction in international services being offered by Jet Airways over the last 12 months.Estimates puts the carrier's debt pile at more than $1 billion and in January it was revealed that it had defaulted on loans, including those to the government-owned State Bank of India .
On Wednesday, the lenders extended a deadline for outside bidders to take a stake of up to 75% in the airline. Initial interest bidders have until the end of today with binding bids wanted in place by the end of April, according to a notice on the SBI Capital Markets website.
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