It didn't elaborate. Senior executives at GMR couldn't be reached.
For the first 90 days, the lenders would discuss with Jet and monitor the loans checking whether it becomes a non performing asset (in other words if the credit has soured).
The full service carrier has been grappling with financial woes for quite some time now and has been making delayed salary payments to staff.
The troubled airline has made this proposal even as it undergoes a forensic investigation.
The airline, grappling with arguably the worst financial crisis of its 25 year existence, has laid off staff, grounded planes and pruned unviable flights in a bid to stay afloat until the next cash infusion.
India’s carriers seem to have junked traditional fare economics, selling advance bookings at fares dearer than last year but reducing prices as the window narrows, said industry experts and airline executives.
Airlines are junking traditional economics, selling last-minutes tickets cheaper than advanced bookings.
Jet is being separately investigated by the govt on allegations of funds diversion.
Nitin Gadkari just said it is unfair to dub the businessman a fraud for committing a rare default.
The city being the financial capital, has been inundated with flight movements, having long its saturation point due to sharp traffic management by Air Traffic Controllers (ATC).
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