Airlines
Jet Airways’ Future Hinges on Bank Debt Settlement
More than a third of the Indian carrier’s fleet remains grounded, forcing the cancellation of some 200 flights a day.
A Jet Airways Boeing 777-300ER gets towed into position at New York JFK Airport. (Photo: Flickr: Creative Commons (BY-SA) by Hawkeye UK)
A Jet Airways Boeing 777-300ER gets towed into position at New York JFK Airport. (Photo: Flickr: Creative Commons (BY-SA) by Hawkeye UK)

Embroiled in a quagmire of losses resulting in the grounding of 42 of its 114-aircraft fleet and the cancelation of some 200 flights a day, India’s Jet Airways faces a bleak future should stakeholders not accept a resolution plan to convert mounting debt into equity. The airline owes more than $1.25 billion, $300 million of which came from government-owned State Bank of India (SBI). The approval of the bank-led provisional resolution plan “is an important step” toward saving the country’s oldest private carrier, Jet Airways chairman Naresh Goyal indicated in a statement late last month.