Jet Airways promoters close to deal with SBI-led consortium of lenders

The promoters of Jet Airways are close to striking a deal with a consortium of their lenders, led by SBI, to get the troubled firm out of financial stress. The lenders have agreed in principle to convert part of their loans into equity under the proposed debt restructuring plan, banking sources said.

Jet had a debt of around Rs 82 billion as of September-end. The sources said details of the equity restructuring were still under discussion and various formulae were on the table. Banks are prodding Jet founder and chairman Naresh Goyal, who owns 51 per cent of the airline,