No relief for Jet Airways employees, lenders reluctant to release funds
Employees of grounded carrier Jet Airways are unlikely to get their dues — salaries and other emoluments — amounting to INR930m, anytime soon after lenders Thursday expressed their inability to provide any further funds, sources said. The airline’s senior management, pilots and engineers have not been paid since January while other employees have not been paid since March. The committee of creditors had in July approved interim funding to the tune of INR700m for maintenance and upkeep of Jet’s assets and to cover some costs of the corporate insolvency resolution process. Of this, State Bank of India has released INR100 while other lenders are yet to provide funding, sources said. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-08-02/eap/no-relief-for-jet-airways-employees-lenders-reluctant-to-release-funds
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No relief for Jet Airways employees, lenders reluctant to release funds
Employees of grounded carrier Jet Airways are unlikely to get their dues — salaries and other emoluments — amounting to INR930m, anytime soon after lenders Thursday expressed their inability to provide any further funds, sources said. The airline’s senior management, pilots and engineers have not been paid since January while other employees have not been paid since March. The committee of creditors had in July approved interim funding to the tune of INR700m for maintenance and upkeep of Jet’s assets and to cover some costs of the corporate insolvency resolution process. Of this, State Bank of India has released INR100 while other lenders are yet to provide funding, sources said. <br/>
