HYDERABAD: Cash-strapped Jet Airways and its lead lender SBI are frantically piecing together a restructuring, resolution and revival plan, but the airline’s 25 other lenders are still awaiting details.
Three public sector banks this newspaper spoke to confirmed that only an outline of the proposed package had been shared with the banking consortium so far, even as Jet Airways prepares to seek shareholder approval on Thursday.
The deal will be final only after promoters firmly commit to infusing equity, and after legal, financial and corporate due diligence. “We don’t know yet if it’s a restructuring package or something beyond restructuring, or whether it’s going to be substantially different. These aspects will be clear only when we get the final proposal for our in-principal approval,” a senior banker said.
