Jet Airways receives approval for BLPRP
15th Feb 2019

Jet Airways has received approval for Bank led Provisional Resolution Plan (BLPRP). The BLPRP proposes restructuring under the provisions of the RBI Circular in order to meet a funding gap of nearly Rs 8500 crore which is to be met by an appropriate mix of equity infusion, debt restructuring, sale/ sale and lease back/ refinancing of aircraft, among other things. The board of directors of the company has considered and approved the same in the meeting held on February 14, 2019.

As part of next steps, the BLPRP is expected to be presented for consideration of each of the following: the consortium of Lenders, the Overseeing Committee of the Indian Bankers’ Association,  the Board of Directors of Etihad Airways, and the Promoter. The implementation and/ or any action thereon will be under the provisions of and subject to receipt of all applicable statutory, regulatory, contractual and corporate approvals and consents.

Jet Airways is India’s premier international airline, which operates flights to India and overseas. The company’s robust domestic India network spans the length and breadth of the country covering metro cities, state capitals and emerging destinations.