SBI-led banks' consortium, stakeholders working on resolution plan for airline's turnaround: Jet Airways

  • Jet Airways defaulted on loan repayment to a consortium of Indian banks led by SBI

  • The airline said a resolution plan that contemplates various options is being worked out

  • Jet said the resolution plan is presently under active discussion among the stakeholders

New Delhi: Crisis-hit Jet Airways on Wednesday said State Bank of India (SBI) along with other lenders and stakeholders is working on a comprehensive resolution plan to turnaround the airline.

 SBI-led banks consortium, stakeholders working on resolution plan for airlines turnaround: Jet Airways

Representational image. Reuters.

The full service carrier, which has been grappling with financial woes, defaulted on loan repayment to a consortium of Indian banks led by SBI on 31 December, 2018.

In a statement, the airline said a resolution plan that contemplates various options, including proportion of equity infusion by various stakeholders and the consequent change in the company's board, is being worked out.

"SBI in consultation with the other members of the consortium and the other stakeholders has been working on a comprehensive resolution plan towards a turnaround of the company for its sustained growth and restoration of financial health," Jet Airways said.

The airline also said the resolution plan is presently under active discussion amongst the stakeholders and that the various options are yet to be crystallised and agreed to by the stakeholders in the best interests of the company.

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Updated Date: Jan 16, 2019 17:08:11 IST