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Jet Airways' overseas lenders push airline to fasten repayment of loans, says report

Jet Airways' overseas lenders push airline to fasten repayment of loans, says report

Jet Airways' overseas lenders push airline to fasten repayment of loans, says report
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By CNBC-TV18 Sept 21, 2018 9:37:50 AM IST (Published)

A consortium of overseas lenders to Jet Airways (India) is likely to push the airline to quicken the repayment of the loans worth $150 million amid its weak financial health, Mint reported.

A consortium of overseas lenders to Jet Airways (India) is likely to push the airline to quicken the repayment of the loans worth $150 million amid its weak financial health, Mint reported.

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The letter had been sent by Dubai-based Mashreq, which sought a detailed response on the erosion of their credit profile by September 24, the report said citing two people directly aware of the matter.
Along with Mashreq Bank, the bank which arranged the loan, the Dubai branch of ICICI Bank Ltd and the Hong Kong branch of Punjab National Bank Ltd were also among the lenders to the airline, the report said.
The details they sought were the reasons behind the airline posting losses for two straight quarters, a 71 percent decline in market capitalization since January, delay in payments of salaries to senior employees and pilots, among other reasons, the report said.
 
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