India's Jet Airways Sees Management Exodus as Rescue Hopes Dim

The chief executive and two other senior figures at Jet Airways have quit, the Indian company said on Tuesday, further eroding any hopes of a rescue of the debt-laden carrier that grounded operations last month, Reuters reported. Jet, once the biggest private carrier in the country, owes vast sums to its lessors, employees, fuel suppliers and other parties. It stopped all flights from April 17 after its lenders refused to give it any more funds to keep the carrier flying. Jet, also saddled with roughly $1.2 billion in bank debt, was crippled by mounting losses as it attempted to compete with low-cost rivals Interglobe-owned IndiGo, SpiceJet Ltd and Wadia Group-owned GoAir. The airline has been rapidly shedding aircraft in recent weeks, as lessors have rushed to deregister and repossess planes in the wake of the turmoil. Read more