Jet Airways seeks help of lenders in bid to avoid default4 min read 14 Aug 2018, 08:33 AM IST
Jet Airways seeks a waiver of a loan covenant on its existing debt facility of about $185 million, and tells the lenders that it would not be able to meet the minimum $50 million profit condition for FY19 as stipulated in the loan covenant
Mumbai: Jet Airways (India) Ltd has written to a consortium of overseas lenders, seeking a waiver of a loan covenant on its existing debt facility of about $185 million, two people directly aware of the development said. The move is part of efforts by the embattled carrier, controlled by Naresh Goyal, to avoid a default on its loan repayment obligation, the people said, requesting anonymity. The loan was arranged by Dubai-based Mashreq Bank.
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