Jet good aviation property, resolution plan ready to bail it out: SBI
New Delhi [India], Mar 20 (ANI): State Bank of India (SBI) Chairman Rajnish Kumar said on Wednesday that all lenders have been working on a resolution plan to bail out the debt-laden Jet Airways and sending it to bankruptcy is the last option.
ANI
Mar 20, 2019 19:03 IST
New Delhi [India], Mar 20 (ANI): State Bank of India (SBI) Chairman Rajnish Kumar said on Wednesday that all lenders have been working on a resolution plan to bail out the debt-laden Jet Airways and sending it to bankruptcy is the last option.
At the same time, talks with Abu Dhabi-based airline Etihad to secure a rescue deal are still on, he said adding there is also a possibility of bringing in another investor.
“We believe Jet Airways is a good aviation property and it is in every body’s interest that it continues to fly,” Kumar told reporters after a meeting with Finance Ministry officials.
Placing the Naresh Goyal-led airline into bankruptcy will mean grounding the airline, he said.
"Not all hope is lost. The lenders have been working for the past five months. We will make every effort to keep Jet flying."
The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries to its pilots.
Kumar, however, said that any decision taken to rescue Jet will be a commercial one. The resolution plan is almost ready and it will not involve a bailout for any individual, he said.(ANI)
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