Jet Airways has cancelled all flights after talks to rescue the struggling carrier failed.
In a letter to the Bombay Stock Exchange in Mumbai, the Indian company said: “Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going.
“Consequently, with immediate effect, Jet Airways is compelled to cancel all its international and domestic flights. The last flight will operate today.”
Once India’s largest airline, it grounded nearly all of its aircraft last week, leaving thousands of passengers stranded, amid a search for investors to buy 75% of the company.
Around 80% of its fleet of 120 aircraft had already been seized as the company struggled to find buyers willing to take on more than £900m in debt it owes to multiple banks.
By Monday it was operating only seven of its planes and on Tuesday the stock exchange asked the airline for clarification on reports that it was intending to temporarily end its operations.
On Wednesday evening (India time), the airline said it had been informed by the State Bank of India, on behalf of the consortium of Indian lenders, that they were unable to consider its request for “critical interim funding”.
It added that the decision to cancel all domestic and international flights had been taken after “a painstaking evaluation of all alternatives that were made available to the company and after receiving guidance and advice on the same from its board of directors”.
The company said it had tried for “several weeks and months” to seek interim and long-term funding but had been “left with no other choice” but to suspend flights.
All passengers who had booked flights would be informed by text message or email, the airline said, adding: “Jet Airways sincerely and profusely apologises for the disruption to the travel plans of all its guests.
“The airline would like to thank them for their continued patronage, support and loyalty over the years.
“Above all, the airline would like to express its sincere gratitude to all its employees and stakeholders that have stood by the company in these trying times. We hope to bring the flying sun back into the skies.”
At its peak, Jet operated more than 120 planes and well over 600 daily flights, but its former prestige has done little to generate enough interest among potential buyers.
Its lenders, led by SBI, have been seeking expressions of interest for an up to 75% stake in the airline.
Game Of Thrones fans aren’t happy with this Daenerys Targaryen waxwork | Ents & Arts News
She is Daenerys Targaryen, Mother of Dragons, a queen who could soon claim the Iron Throne.
So it is only fitting she should have a waxwork in her honour – but perhaps makers could have made it a bit more… well, a bit more Daenerys-like.
Dublin’s National Wax Museum’s new addition pays homage to the Game Of Thrones character, played by Emilia Clarke, but has been widely mocked online.
“Wow, Winter’s really taken its toll,” said one commenter on the venue’s Instagram post, referencing one of the series’ most famous lines: “Winter is coming.”
“How do you f*** this up with all the technology there is,” said another user.
“Oh my god WHAT HAVE YOU DONE TO HER,” said another post.
Many have said the figure looks more like Legolas from Lord Of The Rings, who was played by actor Orlando Bloom, or Lucius Malfoy, played by Jason Isaacs in the Harry Potter films.
They might have a point…
Daenerys is not the only famous face to be immortalised in less-than-flattering wax or stone.
Statues of Michael Jackson, Lucille Ball and Diego Maradona have also been ridiculed in recent years.
Clarke herself has yet to comment on her own figure, but let’s hope Daenerys sees the funny side.
Should she decide to unleash those dragons, it wouldn’t last long.
Emiliano Sala’s father dies three months after footballer’s fatal plane crash | World News
The father of Emiliano Sala has died three months after the Premier League footballer was killed in a plane crash.
Horacio Sala, 58, suffered a fatal heart attack in Argentina, the mayor of his hometown Progreso said.
“2019 has been very hard on us,” Julio Muller told local media.
“I think Horacio couldn’t get over what happened to Emi.
“Every news he heard about the investigation was really tough for him.”
A plane carrying Emiliano Sala crashed on 21 January, just two days after he had completed a £15m move from French club Nantes to Cardiff City.
The Argentinian striker was travelling to the Welsh capital in a private plane with pilot David Ibbotson when it went down in the English Channel near Alderney.
Horacio Sala described his anguish after the wreckage was discovered, telling Argentinian television: “I cannot believe it. This is a dream. A bad dream. I am desperate.”
The footballer’s body was recovered on 7 February after a privately-funded search was launched, while Mr Ibbotson remains missing.
It has also emerged that one of Emiliano Sala’s best friends died last week in a car crash.
Sebastian Rabellino was a footballer for San Martin de Progeso, the club where Sala started his career as a youth player.
Following Sala’s death, Cardiff City and Nantes are locked in a legal battle over his £15m transfer fee after the Premier League club refused to pay the first £5m instalment.
It is understood Cardiff argue that Sala’s contract had been rejected by the Premier League because it contravened signing-on fee rules and was therefore “null and void”, Sky Sports News reported.
The club also claim that further contract clauses – proposed by Nantes – had not been met.
Meanwhile, Cardiff City has denied claims it failed to offer Emiliano Sala suitable travel arrangements before his ill-fated flight to the UK.
Uber seeks market value of over $90bn in share sale | Business News
Uber is seeking a market value just above $90bn in its planned flotation, according to documents filed with regulators.
The ride hailing firm said it planned to offer 180 million shares in its Initial Public Offering (IPO) at a price of between $44-per share to $50-per share.
There would be an additional 27 million shares sold by current equity holders, Uber said.
It had been widely reported in US media that Uber had reduced its top valuation from a more lofty $120bn following a lacklustre stock market debut for its largest rival in North America, Lyft.
While Lyft’s shares climbed when trading first began last month, Lyft’s market value has plummeted since – down by 22% ahead of Friday’s opening.
In the filing with the Securities and Exchange Commission, Uber revealed the path to profitability would likely be a rocky road for investors.
It reported a net loss of $1bn for the first quarter of the year on revenues of roughly $3bn.
It said its shares would trade on the New York Stock Exchange under the ticker name UBER.
Uber also said PayPal had agreed to purchase $500m of stock in a private placement as the pair embark on a venture to create a digital wallet for customers.
The filing kicks off a 10-day roadshow for potential investors to ask questions of senior management.
They are likely to face questions on subjects ranging from profitability to the treatment of drivers following controversy over its treatment of so-called gig economy workers and safety provisions.
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