MUMBAI (Reuters) – Creditors to India’s 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 – 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 300 billion rupees ($4.1 billion) after the operations were halted.
Reporting by Nupur Anand; Editing by David Holmes