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Debt-saddled Jet Airways' rescue plan takes off

Updated : March 25, 2019 08:07 PM IST

Laden with debt of more than $1 billion and faced with an evaporating market value, Jet is banking on a bailout by its lenders as it became unable to pay banks, suppliers, pilots and lessors - several of whom have started terminating leases with the carrier.
The banks, led by State Bank of India (SBI), will take a controlling stake in the airline, pump in $217.65 million in immediate funding, and form an interim management committee to manage the airline.
Debt-saddled Jet Airways' rescue plan takes off

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