The board of Jet AirwaysNSE 2.61 % Ltd has approved a plan by its lenders to resolve a near 85 billion rupee ($1.19 billion) funding gap, which will make them the largest shareholders of India’s biggest full-service carrier, Jet said on Thursday.
Jet, saddled with over $1 billion in debt, had a rough 2018 as competition intensified in the Indian airline market, the rupee depreciated and high oil prices squeezed margins.
The rescue deal by Jet’s lenders, led by State Bank of IndiaNSE -0.97 % , includes funding through a mix of equity infusion, debt restructuring and sale or leaseback of aircraft.
