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Jet Airways is suspending flight operations after failing to secure emergency funding to continue operations. In an update to the Indian stock market, the carrier confirms that it has cancelled all domestic and international flights after Wednesday. It says it took the decision after being informed by the State Bank of India that its consortium of lenders had turned down a request for "critical interim funding". Without such funding, the airline admits, it is not able to pay for the fuel or "critical services" required to sustain operations. It notes that it undertook a "painstaking evaluation" of all alternatives available and took guidance and advice from its board of directors. Jet Airways adds that it will now "await" the bid process that SBI and its lenders are pursuing in an effort to find new shareholders. This will conclude May 10. <br/>

Etihad Airways reiterated Wednesday that it was still working with Jet Airways and its lenders to restructure the airline, which has now temporarily suspended operations. A spokesperson for said that its teams are assisting guests with their travel arrangements and rebooking those affected. Etihad owns a 24% stake in Jet. The comments come as the saga around crisis-hit Jet Airways continues, with the carrier suspending domestic and international flights after it failed to secure emergency funds. Jet had already been forced to ground most of its aircraft fleet for its inability to pay the leases on them. It is currently studying bids from potential investors who are vying for stakes in the carrier. Jet’s management is reportedly still working to secure a viable investor, and has started sending documents to eligible ones. <br/>