INSUBCONTINENT EXCLUSIVE:
By P R Sanjai and Saloni ShuklaJet Airways India Ltd
cash crunch.
The missed payment prompted a downgrade on ratings of its loans and bonds by credit assessor ICRA to D, a score that signifies
that borrowers are in default or are expected to be soon.
The beleaguered carrier said in an exchange filing that payment of interest and
principal installment due on Dec
31 to a consortium of Indian banks led by State Bank of India "has been delayed due to temporary cashflow mismatch" and that company "has
The company reported its third straight quarterly loss in November with surging liabilities that signaled a deepening of financial distress
A weakening rupee also added to its woes
It has fallen behind on payments to staff and lessors.
Jet Airways has been talking to its foreign equity partner Etihad Airways PJSC and a
clutch of financial investors to avoid potential defaults to lenders and lessors, people familiar with matter said
It has also sought a short-term loan of 15 billion rupees ($216 million) from State Bank of India for working capital and bank is currently
when contacted Wednesday.
In last couple months, Jet Airways founder and chairman Naresh Goyal, along with Etihad Airways chief executive
