Bengaluru: Jet Airways (India) Ltd, after several attempts at finding help to save the carrier from a crippling pile of debt, last week approved a bailout plan, which will make its lenders its largest shareholders and fix a near ₹8,500 crore funding gap.
Jet Airways, which had debt exceeding ₹8,000 crore ($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.
On Thursday, Jet Airways took the bailout plan to its shareholders at an extraordinary general meeting where they are said to have approved the rescue deal, Mint reported.
