You are here: Home » Companies » News
Business Standard

Cash-strapped Jet Airways defaults on debt payment to banks led by SBI

The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors and vendors

Reuters 

Debt-laden Jet Airways Ltd has delayed the payment to a consortium of Indian banks, led by State Bank of India Ltd, the airline said late Tuesday. The payment of interest and principal instalment was delayed "due to temporary cash flow mismatch" and the company is in talks with the consortium. The deadline for the payment was Dec. 31, 2018, Jet said in a statement. The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on Indian airlines in ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Wed, January 02 2019. 08:31 IST
RECOMMENDED FOR YOU