India's embattled Jet Airways CEO quits
[MUMBAI] India's grounded Jet Airways said on Tuesday that its chief executive and its finance chief have quit, adding to gloom over the ailing carrier.
The heavily indebted airline, which last month suspended all operations, said that chief executive Vinay Dube resigned due to "personal reasons".
Jet, with debts of more than US$1 billion, has been in a tailspin for months, defaulting on loans and failing to pay many staff and aircraft leases.
Jet's main lender State Bank of India (SBI) had earlier in May invited offers for a stake in the airline. On Friday it said it received two unsolicited bids.
A collapse of Jet, and the loss of more than 20,000 jobs, would deal a blow to Prime Minister Narendra Modi's pro-business reputation as he seeks a second term in elections ending on Sunday.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Changi Airport’s Q1 passenger movements surpass pre-pandemic levels
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
China's largest auto show displays all-electric future, local brands dominate
Toyota hits record annual output, sales on robust demand
Nissan, Mazda roll out new models for China as they aim for comeback
VinFast chief plans to invest US$1 billion more from his fortune in EV maker