NEWDELHI: Cash-strapped Jet Airways on Monday defaulted on foreign loan repayment due to liquidity crunch, amid chairman Naresh Goyal seeking ₹750 crore in urgent funding from its strategic partner Etihad Airways citing the airline’s “very precarious” position.
The domestic airline, which has been in service for 25 years, has been grappling with acute financial woes that have forced it to ground around 50 planes while salaries of many employees have been delayed.
“… the part repayment of the external commercial borrowing availed by the company, for working capital purposes, falling due on 11 March, 2019, has been delayed owing to temporary liquidity constraints,” the airline said in a filing to stock exchanges.
