Cash-strapped Jet Airways, where banks are set to take charge with a debt resolution plan on Thursday said it has delayed repayment of overseas borrowing due to “temporary liquidity constraints”. The airline has defaulted on debt repayment in recent months for at least fourth time.
The airline’s board on Monday checked a resolution plan expressed by SBI-led domestic lenders, after weeks of speculations and uncertainties over the future course of Jet Airways, which has grounded over 80 planes due to financial woes.
“… the repayment of the External Commercial Borrowing (ECB), availed by the company for working capital purposes, falling due on March 28, 2019, has been delayed owing to temporary liquidity constraints,” the airline said in a filing to the BSE.
As part of the resolution plan, on Monday, Naresh Goyal quit as chairman of the embattled airline and the board also approved lenders taking control as well as immediate fund infusion of Rs 1,500 crore.
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