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Jet Airways’ lenders likely to decide fate of airline today, says report
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The decision on crisis-ridden Jet Airways that has been off operations since April 17 is likely to be taken on Monday as bankers are meeting to finalise a resolution under the June 7 Reserve Bank of India (RBI) norm on stressed assets, The Economic Times reported, citing three unnamed bankers. The bankers are required to …
Continue reading “Jet Airways’ lenders likely to decide fate of airline today, says report”
The decision on crisis-ridden Jet Airways that has been off operations since April 17 is likely to be taken on Monday as bankers are meeting to finalise a resolution under the June 7 Reserve Bank of India (RBI) norm on stressed assets, The Economic Times reported, citing three unnamed bankers.
The bankers are required to take a decision on whether the airline can be rescued or if it has to be taken to the bankruptcy court, added the report. The hearing of insolvency petitions by two suppliers is scheduled for June 20.
“We will also discuss whether bankruptcy may be the most viable solution as no serious proposal has been received yet,” a source was quoted as saying in the report.
According to the sources, the lenders are unlikely to consider the proposal of paying more than Rs 200 crore (about $30 million) to the US Exim Bank and take charge of six Jet Airways planes.
The airline has a debt of nearly Rs 8,500 crore with total liabilities of around Rs 25,000 crore.
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