The banks will also give the airline a fresh loan of 15 billion rupees ($217.71 million) to meet payments and restore normal operations and the lenders will form an interim management committee to manage the airline, Jet said. Saddled with debt of more than $1 billion, Jet owes money to banks, suppliers, pilots and lessors - several of whom have started terminating leases with the carrier. In its statement, Jet said the banks will initiate a bidding process to sell their stake in the airline to a new investor and that the process is expected to be complete by end-June. Reports of Goyal's departure led to a rally in Jet's shares, which ended the day 12.4 percent higher. ($1 = 68.9120 Indian rupees)

Source: bd News24 March 25, 2019 10:52 UTC