NEW DELHI: State Bank of India's head instructed journalists on Wednesday that striking Jet Airways into bankruptcy is the "last option" for lenders and that they're making every effort to stay the airline flying.
"We believe that it is in everybody's interest that Jet Airways continues to fly," the SBI chairman, Rajnish Kumar, instructed journalists after a gathering with executive officials, including that hanging Jet into bankruptcy would mean grounding the airline.
Kumar stated that talks with Abu Dhabi-based service Etihad, Jet's greatest shareholder, to safe a rescue deal are ongoing.
There may be the opportunity of bringing in a brand new investor, he stated. Kumar also stated that any resolution taken to rescue Jet is a business one and is not at the course of the Indian executive.
The 25-year-old airline has defaulted on loans after racking up over $1 billion in debt, and owes cash to banks, providers, pilots and lessors - some of whom have started terminating their hire offers with the service.
The executive has requested state-run banks to rescue Jet Airways without pushing it into bankruptcy, two people throughout the administration have instructed Reuters.
"We believe that it is in everybody's interest that Jet Airways continues to fly," the SBI chairman, Rajnish Kumar, instructed journalists after a gathering with executive officials, including that hanging Jet into bankruptcy would mean grounding the airline.
Kumar stated that talks with Abu Dhabi-based service Etihad, Jet's greatest shareholder, to safe a rescue deal are ongoing.
There may be the opportunity of bringing in a brand new investor, he stated. Kumar also stated that any resolution taken to rescue Jet is a business one and is not at the course of the Indian executive.
The 25-year-old airline has defaulted on loans after racking up over $1 billion in debt, and owes cash to banks, providers, pilots and lessors - some of whom have started terminating their hire offers with the service.
The executive has requested state-run banks to rescue Jet Airways without pushing it into bankruptcy, two people throughout the administration have instructed Reuters.
SBI chairman says bankruptcy 'last option' for Jet Airways
![SBI chairman says bankruptcy 'last option' for Jet Airways]()
Reviewed by Kailash
on
March 20, 2019
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