17 banks to restructure AI debt
The repayment period of the loan has been extended by 10 years with a corporate guarantee from the Government of India and hypothecation of aircraft with the instalment beginning within two years. The government on its part is expected to infuse Rs 20,000 crore into the airline and take care of the unsecured debt obligations of the airline. Interest rate of about at least 2 per cent concessions will part of the package. Air India accounts with all the banks are “standard”. A senior banker who has been part of the negotiations said, “In return, Air India has told banks that it will generate revenues by putting its huge hangar facilities to optimum use by carrying out repair and servicing activities for other airlines, put its hotels to use for catering services in-flight meal services and optimum utilisation of its aircraft." SBI Caps, the agency appointed by Air India, submitted the proposal to the Reserve Bank of India last week for its comments and has sought special dispensation for the Air India whereby RBI will allow banks to do the provisioning over a period of three to four quarters or waive off the provisioning requirement so that it will not impact the bottom line of banks who are part of the restructuring. “The short term loan that will be converted in to long term loan, we are looking for interest rate of 11.5 per cent as compared to around 12-14 per cent paid at present on the short-term loan," the official said. Air India is expected to save over 1,000 crore per year through the transition to lower interest long-term loan regime. However, on the other hand, Air India will have to maintain overall load factor of 73 per cent per cent per year and achieve load factor of 75 per cent by 2020. The aircraft utilisation of 14 hours for wide-bodied and 11 hours for narrow-bodied aircraft has also been committed to banks under the new debt restructuring package.fast cash loan hour - News
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The repayment period of the loan has been extended by 10 years with a corporate guarantee from the Government of India and hypothecation of aircraft with the instalment beginning within two years. The government on its part is expected to infuse Rs
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