As at December 2018 the airline had negative net worth of Rs. 10,370 crore. Outstanding debt currently stands at about Rs. 6,000 crore.
Two nominee directors of the lenders will be inducted into the board. It has further decided to constitute an Interim Management Committee to manage and monitor the daily operations and cash flow of the company.
‘Appropriate security’
“The board also, in accordance [with] the resolution plan, has approved the creation of appropriate security over the company’s assets for securing the existing facilities extended by the Lenders and the proposed immediate funding support of up to Rs. 1,500 crore by way of issue of appropriate debt instrument,” Jet Airways said in a filing with stock exchanges.
