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Jet Airways approaches overseas banks for $185 million loan waiver, says report

Jet Airways approaches overseas banks for $185 million loan waiver, says report

Jet Airways approaches overseas banks for $185 million loan waiver, says report
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By CNBC-TV18 Aug 14, 2018 12:03:42 PM IST (Updated)

The airline owes a total of at least $500 million of its existing debt.

Aviation major Jet Airways has written to a consortium of overseas banks seeking a loan waiver of $185 million debt, Mint reported.

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"The move is to avoid a default on its loan repayment obligation," sources told Mint on Tuesday.
The airline told the banks that it will not be able to meet its $50 million profit condition for the current financial year, added the sources.
According to the report, the loan was arranged by Mashreq Bank, a bank based in Dubai.
The consortium comprises of several United Arab Emirates-based banks and is yet to take a final call on the request, as per the report.
The airline owes a total of at least $500 million of its existing debt, the sources said, adding that the airline "has also been in talks with domestic lenders in India to raise rupee debt, but the talks are yet to fructify”.
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