India’s second-largest carrier, Jet Airways will not be able to fly beyond 60 days as it faces cash crunch. The airline has run out of cashflow to keep the aircraft flying and requesting staff to take a pay cut as cost cutting measures.
Jet Airways partly owned 24% by UAE flag carrier Etihad Airways has debt over $1.2 billion., reported to have attributed by surge in fuel prices, weaker rupee and intensifying competition.
The airline which has more than 16,000 employees, has approached investment bankers again to help sell a stake in the carrier to raise capital.
The airline currently operate 110 aircraft and in the process of adding 225 Boeing 737 MAX aircraft over the next decade,