Jet Airways Says SBI, Other Lenders Working On Resolution Plan

Beleaguered airline Jet Airways said on Wednesday it was discussing with shareholders about a resolution plan with State Bank of India (SBI). The carrier, which has been grappling with financial woes, defaulted on loan repayment to a group of lenders led by SBI on December 31, 2018.

"SBI in consultation with the other members of the consortium and the other stakeholders has been working on a comprehensive resolution plan towards a turnaround of the company for its sustained growth and restoration of financial health," Jet Airways said.

The plan contemplates options on the debt-equity mix, proportion of equity infusion by stakeholders and change in the airline's board, the full-service airline said in a statement.

It also said the resolution plan is under active discussion amongst the stakeholders and that the various options are yet to be crystallised and agreed to by the stakeholders in the best interests of the company.

Shares in Jet Airways ended 7.5 per cent lower at Rs 271.75 apiece on the NSE, whose benchmark index finished nearly unchanged.