Jet Airways lenders, ‘buyer’ clear runway for deal to take off
Lenders to Jet Airways have agreed to waive two preconditions to facilitate the takeover of the airline by the Jalan-Kalrock consortium. In return, the consortium agreed last week to make the first tranche of its payment to lenders to get the stalled deal moving forward.
Lenders led by the State Bank of India (SBI) approved the resolution plan by the consortium in October 2020. However, the plan’s implementation was conditional on the validation of Jet’s air operator’s permit, approval of the business plan and, most critically, the approval to re-allot all suspended slots including bilateral and air traffic rights to Jet.
