SBI Chairman Claims Bankruptcy “ Last Option ” For Jet Airways - TNBCLive

State Bank of India director told the reporters that pushing Jet Airways into a bankrupting phase is the “ last option” for lenders and so that they are pouring every effort for resuming the transportation service in the international airspace.

The Chairman of SBI, Rajnish Kumar told reporters, “We believe that it is in everybody’s interest that Jet Airways continues to fly ”, after a meeting with government officials, including that plunging Jet into bankruptcy would mean rescinding the airline.

Mr. Kumar told that discussions with Abu Dhabi-based carrier Etihad, largest shareholder of Jet to ensure a rescue deal is resuming.

There is also the probability of bringing a new investor, he told. Mr. Kumar also told that any decision taken to recover Jet is a commercial one and is not to the direction of the government.

The 25 years old airline has backtracked on loans after afflicting over $1 billion in debt and owes money to banks, pilots, suppliers, and lessors –  some of whom have initiated aborting their lease deals with the carrier.

The government has directed the state-run banks to recover Jet Airways without affecting it towards the bankruptcy.

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