Deals
Air India Seeks Bailout as Jet Eyes Dollar Debt: India Credit
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India’s biggest airlines are turning to the government and international credit markets to reorganize $13 billion of debt after benchmark bond yields in Asia’s third-largest economy surged to a three-year high.
State-owned Air India Ltd. has asked for 65 billion rupees ($1.3 billion) in federal aid and won an agreement with lenders to cut annual interest payments by 13 billion rupees, according to three people familiar with the talks. Kingfisher Airlines Ltd. is seeking government help for a debt revamp, Aviation Minister Vayalar Ravi said in New Delhi on Nov. 11. Jet Airways (India) Ltd., the biggest carrier, said it is looking to convert rupee-denominated loans into cheaper dollar debt.