The management of India’s Jet Airways has proposed to suspend all operations of the debt-laden airline at its board meeting, ET Now reported on Tuesday citing sources.
Former Chairman Naresh Goyal has withdrawn from making a bid for a stake in the company, the TV channel reported.
Fly Airways shares were down as much as 18.53 percent, their most noticeably bad session since August 2015.
On Monday, the airline in a letter to employees said it planned to extend its suspension of international flights until Thursday as it had not received any interim funding from lenders.
Jet has been grounding planes as of late as lessors move to de-register and reclaim their airplane, even as the company’s lenders sought expressions of interest in the carrier from potential investors.
Local media have announced that upwards of six gatherings have submitted of interest, however it is still a long way from clear whether an acceptable bid will materialize.
Jet Airways did not immediately respond to a Reuters request for comment.
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