Creditors approve Jet Airways bailout plan

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Creditors approve the “Jet Airways” rescue plan, today, Saturday, October 17, 2020 06:46 pm

  • New Delhi – dpa

History: October 17, 2020

A committee of creditors of the Indian aviation company, 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 close to completion, according to Bloomberg yesterday.

Jet Airways’ lenders accepted the plans submitted by businessmen Murari Lal Jalan and Florian Fitch, the company said in a report yesterday.

Jet Airways, which was one of India’s largest airlines, went bankrupt in 2019 due to its failure to pay off large debts, reflecting the country’s faltering aviation sector.

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