News: Air India’s Restructuring Plan Was Approved
India’s national flag carrier has a big debt, but it seems that Air India’s lenders agreed to approve a restructuring plan of around $400 billion.
It seems that now, they would need approvals from the government and the Reserve Bank of India (RBI), which would be done by next month.
However, in the same article on moneycontrol.com, there is a quote that explains that this approval isn’t really necessary: “RBI is not supposed to give approval to banks’ debt restructuring scheme for Air India. At the most, banks can request the regulator for not treating AI account as non-performing asset even if it stops repayment after 90 days. If AI remains a standard asset, banks can extend further credit to it,” said the official who did not want to be quoted.
The company already had, as mentioned in its press releases, good results this year. A campaign – “Get Lucky Offer” – aimed at it on-line customers has been very good and the web sales of the airline has gone up. There isn’t any official info on the site on this agreement – it is all “sources” data.
Speaking of national airlines and problems, you might remember that in January Malev, Hungary’s national airline, ceased operations.
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