Jet to approach lenders with fresh funding proposal

Temporarily grounded Jet Airways is expected to make yet another plea for an interim funding of at least Rs 250 crore to its lenders to restart bare minimum operations till May 10.

The development assumes significance as the lenders have called for binding bids from potential investors by May 10 and have been unwilling to extend any further fund infusion into the airline, despite holding pledged shares of the promoter and appropriate collateral required for fresh funding.

“The airline management is expected to formally approach lenders once more with a request of an interim funding tranche,” an airline insider told IANS from Mumbai.

“These funds are expected to be used to re-start operations as soon as possible with around 3-4 aircraft and till May 10.”