New Delhi, Feb 22 (IANS) 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.
–IANS
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