Jet Airways again defaults on loan repayment

Jet Airways has disclosed that it has again delayed repayment of a working capital facility that was due on 28 March, citing temporary liquidity constraints. It adds that it is “engaged with the lender”, but provided no other details on the lender, nor the amount now in arrears.Jet has now delayed repaying two external commercial debt facilities that were due in March, in addition to an interest payment on its debentures.A report issued by credit ratings agency ICRA on 2 January shows that the carrier had Rs17 billion ($246 million) of debt due between December 2018 and March 2019.A consortium of lenders, led by the State Bank of India, is working on a resolution plan for the cash-strapped carrier, which they are set to take control of through a debt-to-equity swap.