A committee of creditors for India’s Jet Airways India has approved a rescue plan for the company, which has filed for bankruptcy, making a 16-month-long process to recover dues to lenders nearing completion, according to Bloomberg News.
According to the “German”, the lenders of “Jet Airways” accepted the plans submitted by Morari Lal Galan and Florian Fitch, the two businessmen, according to what the company said in a report yesterday, in which it did not provide further details about the bidders or their proposals.
Jet Airways filed for bankruptcy in 2019 due to its failure to pay off large debts, reflecting the country’s faltering aviation sector. And the agency “Bloomberg”, highlighted recently on the debt crisis experienced by the company, which is the largest airline integrated services in India.
She added that “the Indian company has incurred huge losses during the past 12 years, and its net debt amounts to 72.99 billion rupees (about one billion dollars”), in light of high taxes and intense competition until 2019.
The agency reported that Jet Airways India did not submit a report on its financial position at the end of last December. However, Bloomberg’s accounts show that the company has cash liquidity of about 3.55 billion rupees, but it has defaulted on loans due by December 31, 2019, and delayed payments To employees.
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