TrueJet in talks with potential investor for raising $25 mn, halts operations
Premium- Regional airline TrueJet has suspended all operations due to various administrative reasons and the company assured it will be back to flying at a short notice.
Regional airline TrueJet on Wednesday said it is final stages of talks with a potential investors for $25 million funding and that the deal may fructify within the next few days.
The company has suspended all operations due to various administrative reasons and the airline assured that it will be back to flying at a short notice.
The investor would like to bring his own panel of management and in the same process, Yoganarasumhan has been appointed as CFO with effect from 14 February, the airline said in a statement.
The potential investor is also in the process of finalising a new chief executive officer and will be taking the charge on 1 March. Until then, Umesh has been appointed the acting CEO of the airline.
TrueJet has also dismissed rumours on social media -- that says employees are not being paid a single penny since November -- as baseless.
Partial salaries are disbursed for a certain level of employees and 100% salaries were given for low-income group of employees, TrueJet said.
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TrueJet, which is facing a crisis since 2020 due to the pandemic and various other reasons, has been at the heart of government's regional connectivity scheme UDAN.
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