Grounded Jet Airways’ Resolution Plan Approved By Creditors
Jet Airways was forced to ground all flights in April 2019
Creditors to Jet Airways have approved a resolution plan which will give country’s oldest private carrier a new lease of life, the airline said in a regulatory filing on Saturday.
The resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessmen Murari Lal Jalan was approved on Saturday, the filing said, while not revealing other details of the deal.
In April 2019, Jet Airways – which operated a fleet of more than 120 planes serving dozens of domestic destinations and international hubs such as Singapore, London and Dubai – was forced to ground all flights, crippled by mounting losses as it attempted to compete with low-cost rivals.
Since then the airline and its lenders had been looking for suitors.
The airline’s financial and operational creditors were owed nearly Rs 30,000 crore ($4.1 billion) after the operations were halted.
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(the headline, this story has not been published by Important India News staff and is published from a syndicated feed.)