India's Jet Airways temporarily halts all operations after failing to secure emergency funding from lenders
Saddled with more than $1.2 billion of bank debt, Jet Airways is fighting for survival as it also owes money to lessors, suppliers, pilots and oil companies.
The company said it has been informed by its lenders, led by state-run State Bank of India, that they are unable to consider its request for funding to keep flying. On Tuesday, former chairman Naresh Goyal reportedly withdrew plans to bid for a controlling stake in the company. Goyal founded Jet Airways in 1992 and saw it soar to become India's largest airline.
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