SME Times News Bureau | 23 Feb, 2019
The Punjab National Bank (PNB) on Friday said the bankers' consortium is
finalising Jet Airways' resolution plan for the long term as the
lenders favour preserving the value of the airline.
"It is too
premature to tell about the interim funding plan (of Rs 550 crore).
Bankers are working on it and the SBI (State Bank of India) has already
taken a lead.
"Let the entire plan be worked out first.
Consortium is looking at the options, Jet's resolution is a going
concern and we would like to preserve (its) value," PNB CEO and MD Sunil
Mehta said here at a bankers' event.
Both the SBI and PNB are
said to have agreed to provide Rs 500 crore interim funding for Jet
Airways to continue operations, until a long term plan for restructuring
the company is worked out for the Rs 8,000-crore debt.
Asked if the consortium was in favour of the interim funding, Mehta affirmed.
