Dubai-based Murari Lal Jalan to Jet Airways rescue

SourceKhaleej Times
SectorTransport
CountryUnited Arab Emirates

Creditors on Saturday backed a surprise plan by a consortium to revive Jet Airways 18 months after India's biggest private airline went bankrupt with $1.2 billion in debt. London investment fund Kalrock Capital and Dubai-based tycoon Murari Lal Jalan proposed the rescue that was "duly approved" by a creditors' committee, Jet said in a statement to the Bombay Stock Exchange. The statement did not give details of the plan but media reports said they had offered to make a payment of about $115 million to creditors and equity in the new firm which they wanted to concentrate on international routes. Creditors, mainly Indian public sector banks, took over Jet in early 2019 but failed to keep it operating as its cash ...read more...