Financial creditors to take 95% haircut on Rs 7,800 cr Jet Airways dues

Jalan-Kalrock to pay only Rs 385 crore; NCLT asks govt to make slots available for new owners in order to successfully revive the airline

Financial creditors to Jet Airways will be taking around 95 per cent haircut as the successful bidder Jalan-Kalrock consortium have proposed to pay Rs 385 crore against the total claim of Rs 7,807.74 crore.

Out of that Rs 185 crore will be paid upfront within 180 days after start of operations of the company, whereas Rs 195 crore will be paid through issuance of zero coupon bonds, each of Rs 1,000 face value after two years.

The consortium has offer Rs 391 crores in the form of non-convertible debentures (NCDs). It has also offered 9.5 percent stake to the lenders