India's Jet Airways suspends operations

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/>