Jet Airways’ board approves resolution plan

The Jet Airways’ board approved a resolution plan for the cash-strapped airline on February 14, 2019, to meet a funding gap of Rs 85 billion through a mix of equity infusion, converting debt into equity, and sale and leaseback or refinancing of aircraft, among other steps. Jet Airways also received shareholder approval to raise authorised share capital to the tune of Rs 22 billion (Rs 6.8 billion equity capital and Rs 15.2 billion preference share capital). The plan was prepared by Jet Airways’ lenders led by SBI, and will now be forwarded to SEBI, the Ministry of Civil Aviation, the Competition Commission of India and the board of directors of Etihad Airways for approval. Meanwhile, the ailing airline is expecting to start getting approvals from lenders for its resolution plan from March 2019.

GET ACCESS TO OUR ARTICLES

Enter your email address