India’s Jet Airways holds crisis meeting after fund rejection

MUMBAI, Apr 16 (AFP): The board of stricken Indian airline Jet Airways could suspend all operations Tuesday after lenders refused to release emergency funds to keep the debt-laden carrier flying, media reports said.

An emergency board meeting was called for Tuesday after the latest blow to the beleaguered company.

Thousands of passengers have been stranded in recent weeks after the airline, which has debts of more than $1 billion, cancelled international flights because it cannot pay its bills.

Chief Executive Vinay Dube called the board meeting after lenders led by the State Bank of India failed on Monday to agree to give needed emergency cash.

Indian dailies said suspending all operations was one option open to the board though this could mean Jet would lose its operating license.