India’s Jet Airways would be acquired by an investor consortium under a multi-million dollar resolution plan approved by the carrier’s creditors on Saturday.
The plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan comes after months of talks over the airline’s future and was confirmed in a regulatory filing, which gave no details of the deal.
A source close to the situation said the new owners had agreed to pump in 10 billion rupees ($136 million) as working capital for the revival of the airline. Another 10 billion rupees will be given to creditors over a period of five years.
Financial creditors of the airline will also get 10% stake in the company, the source said, though the plan remains subject to approvals from the bankruptcy court and the country’s airline regulator.
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