India's Jet Airways suspends all flights after running out of money

India's debt-stricken Jet Airways has grounded all of its operations after failing to secure emergency funding from lenders. Photo / Getty Images

India's Jet Airways has suspended all flights after failing to secure emergency funding, according to a statement on the company's website.

The debt-stricken airline said that they would "not be able to pay for fuel or other critical services to keep the operations going."

"This has been a very difficult decision but without interim funding, the airline is simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of its guests, employees, partners and service providers."

According to AFP, Jet Airways had asked a consortium of lenders led by the State Bank of India (SBI) to urgently provide four billion rupees ($85.6 million).

BBC reports the airline, which employs 23,000, has £900m ($1.7b) in debt.

"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," the company added in its statement.

Jet Airways said it will now await the bid finalisation process by SBI and the consortium of Indian Lenders.

"Jet Airways is hopeful that it will be able to bring the Joy of Flying back to its guests as soon as possible. Over the past 25 years, Jet Airways has established itself as India's airline of choice and the flag-bearer of warm Indian hospitality around the world. The airline has proudly fuelled India's economic engine, enabling business travellers and tourists alike to traverse the length and breadth of India and the world. Even during the toughest of times, Jet Airways employees have worn a smile on their face and put their duty to its guests and the nation first."