Awaiting 'emergency liquidity support' from lenders, says Jet Airways

Cash-strapped Jet Airways Tuesday said it is awaiting "emergency liquidity support" from the SBI-led consortium of lenders to arrest further deterioration in its services. The airline, which is operating only five planes, said its operations have been severely impacted due to critical liquidity position. yesterday the State Bank of India (SBI) had announced to initiate the bidding process to sale the equity it has in the aviation company.

"The company's leadership, in consultation with its board of directors, is engaged with lenders in connection with the said emergency funding request... The company is also in constant engagement with the Directorate General of Civil Aviation and Ministry of Civil Aviation in this regard," it said in a filing to the BSE.

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The filing was made in response to a clarification sought by the exchange regarding reports that the airline was likely to temporarily shut down its operations.