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India’s formerly largest airline,Jet Airways,will have its future fate decided in a week.Responding tothe airline's future,Jet Airways' biggest creditor, the State Bank of India (SBI) said thateveryone needs to make sacrifices.
The losses and liabilities are considerable, according toRajnish Kumar, chairman of State Bank of India. The airline, which stopped all flights last month, has recorded losses in nine of the past 11 years.
The burden of reversing the grounded carrier's negative net worth before it can fly again is the biggest challenge for any potential investor.
What happens to the past liabilities?It possiblymeans[the hit]will be taken by everyone, whether it is a critic holder or the lender for the operational creditors.And some sacrificeswill be required from the employees for theplan to work, Kumarsaid.
From his perspective, the value of Jet isin its goodwill, its brandandits routes... If investors are convinced that they can meet the desire to turn on liquid, then the investment will come, but no one will take over liabilities, he noted.
Another deadline that's coming up is May 23 when the general election result will be announced in India. It is difficult to predict, the chairman said, stressing that India needs a stable government.
What I believe is that at the national level, the preference of the electorate would bealsofor providing a stable government, he told CGTN.
(CGTN)
