Troubled
Jet Airways missed a $109 million loan repayment due to
HSBC Bank
this week, people with knowledge of the matter said. The money was due on March 28, and was part of a two-tranche facility totaling $140 million that the company took from
HSBC
in 2014, according to the people, who asked not to be identified because the details are private. Jet had also missed payment on the other $31 million tranche that was due on March 11, and hasn't repaid any of the loan, the people said.
That adds to a string of missed deadlines at the carrier, which has grounded about two-thirds of its fleet. The company's credit rating was cut to default in January after it failed to honor obligations to lenders.
Lenders committed this month to infuse as much as Rs 1500 crore ($217 million) in emergency
debt funding
, conditional on the resignation of Jet chairman
Naresh Goyal.
The former ticketing agent who went on to build one of India's biggest airlines stepped down under pressure this week. A spokesperson from Jet Airways wasn't able to immediately comment. HSBC declined to comment.
The company had said in an exchange filing that repayment on an external commercial borrowing that was due on March 28 "has been delayed owing to temporary liquidity constraints and the company has engaged with the lender in relation to the same," though it didn't give details.