India’s Jet Airways denies report of new $293 mn loan from PNB
NEW DELHI- India’s debt-laden Jet AirwaysNSE 1.21 % Ltd denied a media report on Monday that it had secured a 20.50 billion rupee ($293 million) loan from state-owned Punjab National BankNSE 0.29 % (PNB) to help pay overdue plane leasing fees and salaries.
The airline, which has had to ground planes after failing to make payments to leasing companies and is behind on paying pilots’ wages, said in a statement to the stock exchange that it has an existing credit facility of $300 million from PNB and that the bank has not provided any fresh credit.
Indian daily Mint had reported earlier on Monday that Jet had secured foreign currency term loans worth 11 billion rupees and a credit facility of 9.50 billion rupees from PNB for its working capital needs, citing an unnamed source.
