Jet Airways Lenders To Push Forward With Rescue Plan; No Clarity On Interim Funding | 3/26/2019 | Staff
camkizzle (Posted by) Level 3
(Reuters) – Lenders to India’s Jet Airways said on Thursday that they intend to push forward with their plan to rescue the troubled airline, but offered no clarity on interim funding, leaving the future of the carrier hanging in the balance.

Last month, Jet’s lenders, led by State Bank of India (SBI) , agreed to bailout the airline in a complex deal that involved the banks taking a majority stake, while seeking out an investor to help revive the company’s fortunes.

Rescue - Plan - Loan - Airline - Afloat

The rescue plan also included a $218 million interim loan to keep the airline afloat.

However, a source familiar with the matter told Reuters late on Thursday that the lenders, which also includes Punjab National Bank (PNB), were yet to decide on the interim loan for the beleaguered carrier.

Banks - SBI - PNB - Comments - Matter

The two state-run banks, SBI and PNB, did not have immediate comments on the matter.

In their joint statement issued late on Thursday, the lenders said they intend to pursue the previously proposed rescue plan “in a time-bound manner under the present legal and regulatory framework.”

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Jet, India’s oldest private carrier, has been saddled with more than...
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