Jet Airways has been making news ever since it announced the suspension of all national and international flight operations.
“It is with deep sadness and with a heavy heart that we would like to share with you that, effective immediately, Jet Airways will be suspending all its domestic and international operations,” Jet Airways CEO Vinay Dube said in a statement.
India’s Jet Airline which founded in the year 1993 suffered a financial crisis when it could no longer pay for its fuel and other expenses. Amongst the best International airlines in the country Jet had a fleet of over 115 aircraft which came to less than 20 in the last days before it ceased its operations.
The Bombay based airlines owed a debt of more than $1 billion while the company was valued at merely $260 million. While the Jet Airways Founder and Chairman Naresh Goyal stepped down from the airline in the late March he is still hopeful and believes that the airline can be saved with company lenders working to broker a sale to new investors.
“We sincerely and profusely apologize for the disruption to your travel plans. We would like to thank you for your continued patronage, support, and loyalty over the years,” Dube said in a statement.
“We are hopeful that we will be able to bring the Joy of Flying back to you soon.”
While there are a bunch of other airlines that have met the same fate as Jet Airways since October.
1. Primera Air:
Primera Air was a Danish airline owned by Primera Travel Group. It provided scheduled and charter passenger services from Northern Europe to more than 40 destinations in the Mediterranean, the Middle East, and North America. Founded in the year 2003 the company ceased its operations on 1st October 2018.
2. Cobalt Airways
Founded in the year 2015, Cobalt Airways ceased its operation on 17th October 2018 after a run of merely 2 years. The Cypress-based airlines could not sustain its operations financially thus shutting down.
Germania was a privately owned Berlin-based German Airlines that was founded in the year 1978. The airline ceased operations on February 5, 2019, citing financial insolvency due to high fuel prices and the devaluation of the Euro against the US dollar.
Flybmi was a British regional airline that operated scheduled passenger services across the UK and Europe. Founded in 1987, the airline was sold off in 2012 following BMI’s acquisition by British Airways. Flybmi shut down on February 16, 2019. The airline cited rising spikes in fuels costs and rising carbon costs due to Brexit as contributing causes of its demise.
5. WOW Air
Founded in 2012, the Icelandic ultra-low-cost carriers collapsed on March 28, 2019, after failing to secure new investment from Icelandair and private equity firm Indigo Partners. The airline blamed its decision to add wide body Airbus A330-300 jetliners a key reason for its poor finances.