India’s Jet Airways resolution plan approved by creditors

A Jet Airways plane is parked as another moves to the runway at the Chhatrapati Shivaji International airport in Mumbai, India. (Reuters)

Creditors to India’s Jet Airways have approved a resolution plan which will give the country’s oldest private carrier a new lease of life, the airline said in a regulatory filing on Saturday.

The resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessmen Murari Lal Jalan was approved on Saturday, the filing said, while not revealing other details of the deal.

For all the latest headlines, follow our Google News channel online or via the app.

In April 2019 Jet - which operated a fleet of more than 120 planes serving dozens of domestic destinations and international hubs such as Singapore, London and Dubai - was forced to ground all flights, crippled by mounting losses as it attempted to compete with low-cost rivals.

Since then the airline and its lenders had been looking for suitors. The airline’s financial and operational creditors were owed nearly 300 billion rupees ($4.1 billion) after the operations were halted.

Read more: India to investigate Jet Airways over alleged funds mismanagement

SHOW MORE
Last Update: Saturday, 17 October 2020 KSA 14:57 - GMT 11:57
Top