Lenders to Jet Airways agreed on Friday to provide some interim financing to the bankrupt airline to help it cover legal and other costs
The insolvency process will allow lenders to sell the company as a whole or in parts, laying out a fixed timeline for a resolution around its future
Lenders to Jet Airways plan to begin insolvency proceedings against the debt-laden carrier, a consortium of the airline’s lenders said in a statement
The US planemaker did not disclose the name of the airline involved but the move came days after India’s Jet Airways halted operations after lenders rejected a plea for emergency funds
Dube, however, said the government had assured the airlines this was a temporary move and the slots will be protected for the airline once they start flying again.