Troubled Jet Airways India missed a $109 million (around Rs 750 crore) loan repayment due to HSBC Bank this week, people with knowledge of the matter said.
The money was due on March 28 and was part of a two-tranche facility totalling $140 million (about Rs 1,000 crore) that the company took from HSBC in 2014, according to the people, who asked not to be identified because the details are private. Jet had also missed the payment on the other $31 million (about Rs 200 crore) tranche that was due on March 11, and hasn’t repaid any of the loans, the people said.
That adds to a string of missed deadlines at the Indian carrier, which has grounded about two-thirds of its fleet. The company’s credit rating was cut to default in January after it failed to honour obligations to India lenders.