Jet Airways To Meet State Bank Of India, Other Lenders Today: 10 Points
- Jet Airways owes money to pilots, lessors, banks and vendors. It had a debt of Rs 8,052 crore ($1.15 billion) as of September 30, 2018.
- The airline said earlier this month that it had defaulted on debt payment to a consortium of banks, led by SBI. The payment of interest and principal instalment was delayed "due to temporary cash flow mismatch", Jet said in a statement. The deadline for payment was December 31.
- That prompted credit ratings agency ICRA to lower Jet Airways' long- and short-term ratings, which sent its stock sharply lower.
- The problems of Jet Airways have been exacerbated by higher oil prices and intense pricing competition in the domestic market.
- SBI is carrying out a forensic audit of Jet Airways for alleged irregularities.
- The airline is close to reaching a deal with State Bank of India for a fresh loan of Rs 1,500 crore ($215 million) to meet its working capital needs, news agency Reuters had reported last week citing two sources aware of the matter.
- Shares in Jet Airways on Tuesday declined 1.5 per cent amid choppy trade in the markets. At 11:15 am, Jet Airways shares traded 1.12 per cent lower at Rs 243.50 apiece on the BSE, whose benchmark index Sensex was up 0.02 per cent.
- Foreign lenders are expected to meet Jet Airways executives next week.
- Jet Airways and its second-largest shareholder, Etihad Airways, are in talks with bankers on a rescue deal that may involve the Abu Dhabi-based airline increasing its stake from 24 per cent at present.
- The carrier has posted three consecutive quarterly losses.
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