India’s Jet Airways Ltd, after several attempts at finding help to save the carrier from a crippling pile of debt, last week approved a rescue deal which will make its lenders its largest shareholders and fix a near 85 billion rupee funding gap.
Jet, which had debt exceeding 80 billion rupees ($1.12 billion) as of September-end, has been steadily losing market share to its rival and low-cost carrier IndiGo, which is owned by InterGlobe Aviation Ltd.
The airline has also seen its share price suffer as it navigated through several negotiations with its lenders and shareholders.
