Crisis deepens as Jet Airways stares at another default of $109 million

The bank-led interim financing plan envisaged an infusion of Rs 4,000 crore by stakeholders

Jet Airways could be staring at another default of $109 million, which it has to pay by March 28 to the HSBC Bank Middle East as the second tranche of the $140-million loan it had taken in 2014 and for which the Abu Dhabi-headquartered airline stood guarantor. Jet had, on March 11, defaulted on its external commercial borrowings of $31 million, payable to HSBC and guaranteed by Etihad Airways, which owns 24 per cent in Jet.

Jet, in a letter to HSBC on March 11, had said it is going through a severe liquidity crunch and is working on a