Mumbai: The long-awaited Rs 18,000 crore financial restructuring plan for cash-strapped Air India has finally been approved by a consortium of 19 banks led by State Bank of India, an official said here on Tuesday.
The plan includes a debt restructuring of Rs 18,000 crore by the banks and a committed equity infusion by the government, the official said in a statement here.
The high-cost working capital debt of the national carrier stands at Rs 22,000 crore, of which the banks will restructure Rs 18,000 crore.
From this (Rs 18,000 crore), Rs 10,500 crore will be converted into long-term debt with a repayment period of 10-15 years.
The remaining Rs 7,400 croe will be repaid to banks through a government-guaranteed bond issue.
03/04/12 IANS/Economic Times
To Read the News in full at Source, Click the Headline
0 comments:
Post a Comment