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The cash-strapped Jet Airways Ltd. in its BSE filing said that the airline has missed the payment deadline to a consortium of Indian banks, led by State Bank Of India Ltd.
Jet Airways said that “the payment of interest and principal installment due to the consortium of Indian Banks (led by State Bank of India) on 31st December 2018 has been delayed due to temporary cashflow mismatch and the Company has engaged with them in relation to the same.”
Jet Airways, which is partly owned by Etihad Airways (24%), has been facing financial difficulties including owning salaries to pilots and payment to lessors and vendors. Jet Airways, for the second quarter of current fiscal year reported a net standalone loss of Rs 1,297 crores.
The airline reported a net loss for the third consecutive quarter due to higher crude prices, a weaker rupee and competitive tariffs. According to recent media reports, Jet Airways has been in talks with banks for a rescue plans including a stake raise from Abu Dhabi-based Etihad Airways.
