You are here: Home » News-IANS » Business-Economy
Business Standard

Jet's Board approves bank-led provisional resolution plan

Business Finance

IANS  |  Mumbai 

The Board of the beleaguered airline Jet Airways on Thursday approved a Bank-Led Provisional Resolution Plan (BLPRP) to relieve the financial strain on the passenger carrier.

"The BLPRP currently estimates a funding gap of Rs 8,500 crore (including proposed repayment of aircraft debt of Rs 1,700 crore) to be met by appropriate mix of equity infusion, debt restructuring, sale or sale and leaseback or refinancing of aircraft, among other things," the company said in a regulatory filing to the BSE.

Accordingly, the Board will now seek approval from the consortium of lenders, the overseeing committee of the Indian Bankers' Association, the Board of Directors of Etihad Airways, and the promoter.

The airline said that implementation of the final BLRP will take place under the guidance of a monitoring agency and after receiving shareholders' and all other regulatory approvals.

The airline has called an Extraordinary General Meeting on February 21 to seek shareholders' nod for a special resolution to consider and "to approve conversion of loan into shares or convertible instruments or other securities".



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, February 14 2019. 18:46 IST