An SBI-led group of creditors has taken over the management of cash-strapped Jet AirwaysDebt-laden Jet Airways said in a letter to its employees on Wednesday that the salaries for the month of March will be deferred.
The letter from chief people officerRahul Tanejato the employeescomes at a time the private sector airline has delayed payments to pilots, suppliers and lessors for months and defaulted on loans after racking up more than $1 billion in debt.
Jet Airways' pilots have been threatening to stop flying if their dues are not cleared.
A group of creditors, led by State Bank of India, has taken controlofthe management of the cash-strapped carrier temporarily, and make a fund infusion of Rs 1,500 crore.Hi Everyone,In the current difficult times, the management team has been working with the lenders and other institutions to finalise a resolution plan which will help us stabilize our operations and build a sustainable future for the airline.
However, given the complexities of such processes, it has taken us longer than expected.
However, please be assured that we continue to strive and are in continuous deliberations with the lenders and institutions to find a solution.
In light of the current situation, please note that salaries for March 2019 will be deferred.We would like to assure you that we are making every possible effort to remit salaries at the earliest and we request you to bear with us through these difficult times.
You have always stood by the company and have demonstrated exemplary patience and we seek your support yet again.
We will provide you an update on the status of the pay-out by Tuesday, 9 April 2019.Once again, We sincerely acknowledge you standing with us through these challenging times and no words can express our gratitude for your unwavering support, loyalty and commitment towards the organisation.Regards,Rahul TanejaChief People OfficerGet the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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